Common questions relating to Yeading leasehold conveyancing
I am in need of some leasehold conveyancing in Yeading. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Yeading - then the leasehold title will always include the basic details 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.
I am hoping to complete next month on a garden flat in Yeading. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Yeading should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold flat in Yeading. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Yeading who previously acted has long since retired.Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Yeading conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Yeading which have approximately forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Yeading. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
I work for a reputable estate agent office in Yeading where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Yeading conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a ground-floor 1950’s flat in Yeading. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
You certainly can. We can put you in touch with a Yeading conveyancing firm who can help.
An example of a lease Extension decision for a Yeading residence is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case related to 1 flat. The the number of years remaining on the existing lease(s) was 58.19 years.