Warfield leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Warfield. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Warfield - 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.
Planning to sign contracts shortly on a ground floor flat in Warfield. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Warfield should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my basement apartment in Warfield.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?
It best that you pay 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 until 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 looking at a couple of maisonettes in Warfield which have approximately 50 years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Warfield is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 premises 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 Warfield 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 finding a Warfield conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Warfield conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Warfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Warfield Leasehold Conveyancing - Examples of Questions you should consider before buying
In the main the cost for major works are not included within maintenance charges, although some managing agents in Warfield require leaseholders to pay into a sinking fund and this is used to offset against major works.
Is anyone aware of any major works anticipated that could add a premium to the maintenance fees?
You should be aware that where the lease has less than eighty years it will impact the salability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Warfieldlease extensions you would need to own the property for a couple of years in order to be legally able to carry out a lease extension.