Top Five Questions relating to South West London leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in South West London. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in South West London - 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.
Looking forward to complete next month on a basement flat in South West London. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in South West London should include some of the following:
- The total extent of the demise. This will be the apartment itself but might include a loft or basement if applicable.
I own a leasehold flat in South West London. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in South West London who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a South West London conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, 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 two maisonettes in South West London which have about forty five years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a South West London conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a South West London conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non South West London conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- Can they put you in touch with client in South West London who can give a testimonial?
I inherited a garden flat in South West London. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a South West London conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a South West London flat is 78 & 80 Newport Road in January 2013. the Tribunal concluded that the premium to be paid by the leaseholder in respect of the freehold reversion is £23,105 This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 71.63 years.