Why is leasehold purchase conveyancing in Tottenham Hale costs more?
The conveyancing charges for a leasehold property in Tottenham Hale is inevitably greater as compared to a freehold transaction. This is due to the additional time required in dealing with the landlord and managing agents to collate the information about whether the rent and service charges have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Tottenham Hale. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Given you intend to refinance then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
What will a local search tell me regarding the property I am purchasing in Tottenham Hale?
Tottenham Hale conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays a central role in most Tottenham Hale conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Are there restrictive covenants that are commonly identified as part of conveyancing in Tottenham Hale?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Tottenham Hale. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Tottenham Hale I like with amenity areas and transport links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Tottenham Hale suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am employed by a busy estate agent office in Tottenham Hale where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Tottenham Hale conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 registered owner of a ground-floor 1950’s flat in Tottenham Hale. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Freehold Enfranchisement case for a Tottenham Hale residence is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case affected 2 flats. The unexpired lease term was 74.13 years.