Recently asked questions relating to Upney leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Upney. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Upney - 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 sign contracts shortly on a ground floor flat in Upney. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Upney should include some of the following:
- You should receive a copy of the lease
I have just started marketing my ground floor apartment in Upney.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of apartments in Upney both have about fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Upney is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Upney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to appointing a Upney conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Upney conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Upney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Upney. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Upney conveyancing firm who can help.
An example of a Lease Extension case for a Upney property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired term was 61.36 years.