Top Five Questions relating to North West London leasehold conveyancing
I am in need of some leasehold conveyancing in North West London. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in North West London - 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.
Expecting to complete next month on a leasehold property in North West London. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in North West London should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am looking at a two flats in North West London which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in North West London. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold property in North West London. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any top tips for leasehold conveyancing in North West London from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in North West London can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers representatives.
- The majority landlords or Management Companies in North West London charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in North West London.
Leasehold Conveyancing in North West London - Sample of Questions you should ask before Purchasing
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Are there any major works on the horizon that could add a premium to the service costs?
The answer will be important as a) areas could cause problems for the block as the common areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have a dispute with the running of the building you will need to have full disclosure
Does this lease have in excess of 90 years remaining?
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