Recently asked questions relating to West Croydon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in West Croydon. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in West Croydon - 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 sign contracts shortly on a garden flat in West Croydon. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in West Croydon should include some of the following:
- The total extent of the property. This will be the flat itself but might incorporate a roof space or cellar if applicable.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in West Croydon. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in West Croydon are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in West Croydon so you should seriously consider looking for a West Croydon conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am employed by a long established estate agent office in West Croydon where we have experienced a number of leasehold sales jeopardised due to short leases. I have received contradictory information from local West Croydon conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
I am the proprietor of a garden flat in West Croydon. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a West Croydon conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a West Croydon property is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The the unexpired term as at the valuation date was 98 years.
In relation to leasehold conveyancing in West Croydon what are the most common lease defects?
Leasehold conveyancing in West Croydon is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
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