Stamford Hill leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Stamford Hill. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Stamford Hill - 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 own a leasehold house in Stamford Hill. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Stamford Hill who previously acted has now retired.Do I pay?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Stamford Hill conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Stamford Hill both have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Stamford Hill is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 Stamford Hill 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.
Last month I purchased a leasehold house in Stamford Hill. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £275000 apartment in Stamford Hill in just under a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stamford Hill?
Stamford Hill conveyancing on leasehold maisonettes usually involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to assist. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stamford Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the amount due.
An example of a Lease Extension decision for a Stamford Hill flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The the unexpired residue of the current lease was 59 years.
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