Recently asked questions relating to Westbury Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Westbury Park. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Westbury Park - 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 tempted by the attractive purchase price for a couple of apartments in Westbury Park which have in the region of forty five years left on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why 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 companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold property in Westbury Park. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a long established estate agent office in Westbury Park where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Westbury Park conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.
Do you have any advice for leasehold conveyancing in Westbury Park from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Westbury Park can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Westbury Park leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the paperwork to hand do not contact the landlord without checking with your conveyancer in advance.
I acquired a studio flat in Westbury Park, conveyancing was carried out 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Westbury Park with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2090
You have 66 years left to run we estimate the premium for your lease extension to span between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
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