Top Five Questions relating to Yeading leasehold conveyancing
I own a leasehold flat in Yeading. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Yeading who previously acted has now retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Yeading conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Yeading both have approximately 50 years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to finding a Yeading conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Yeading conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Yeading conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions have they completed in Yeading in the last 12 months?
Can you provide any advice for leasehold conveyancing in Yeading with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Yeading can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- Many landlords or managing agents in Yeading levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Yeading.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Yeading. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a lease Extension matter before the tribunal for a Yeading flat 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.
In relation to leasehold conveyancing in Yeading what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Yeading. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.