Frequently asked questions relating to Worcester Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Worcester Park. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Worcester Park - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Planning to exchange soon on a studio apartment in Worcester Park. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Worcester Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am looking at a two maisonettes in Worcester Park both have about fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Worcester Park. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
Do you have any top tips for leasehold conveyancing in Worcester Park from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Worcester Park can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
- Many landlords or managing agents in Worcester Park levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Worcester Park.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Worcester Park. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Worcester Park residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 60.43 years.
What are the frequently found deficiencies that you witness in leases for Worcester Park properties?
Leasehold conveyancing in Worcester Park is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.