Sample questions relating to Piccadilly leasehold conveyancing
I am on look out for some leasehold conveyancing in Piccadilly. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Piccadilly - 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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Piccadilly. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Piccadilly are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Piccadilly in which case you should be shopping around for a Piccadilly conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
My wife and I purchased a leasehold flat in Piccadilly. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Piccadilly who acted for me is not around.Do I pay?
First contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Piccadilly conveyancing solicitor to do this as it can be done on-line for a few pound. You should note 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 a negotiator for a reputable estate agent office in Piccadilly where we have experienced a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Piccadilly conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having 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 prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
My wife and I have hit a brick wall in trying to purchase the freehold in Piccadilly. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing 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 LVT to judgment on the price payable.
An example of a Lease Extension decision for a Piccadilly property is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 21 years.
In relation to leasehold conveyancing in Piccadilly what are the most common lease defects?
Leasehold conveyancing in Piccadilly is not unique. All leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- 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
A defective lease will likely 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 Britannia all have express 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 grant the mortgage, obliging the buyer to withdraw.
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