Examples of recent questions relating to leasehold conveyancing in Wood Green
I am hoping to exchange soon on a basement flat in Wood Green. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Wood Green should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Wood Green. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wood Green ?
Most houses in Wood Green are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Wood Green in which case you should be looking for a Wood Green conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am looking at a two flats in Wood Green both have in the region of forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Wood Green. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
All being well we will complete the disposal of our £450000 garden flat in Wood Green in 10 days. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wood Green?
Wood Green conveyancing on leasehold apartments often necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to sell the property.
I am the proprietor of a ground floor flat in Wood Green. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension decision for a Wood Green premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 81.79 years.
What are the frequently found deficiencies that you witness in leases for Wood Green properties?
There is nothing unique about leasehold conveyancing in Wood Green. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.