Frequently asked questions relating to Beacontree Heath leasehold conveyancing
I am on look out for some leasehold conveyancing in Beacontree Heath. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Beacontree Heath - 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.
I’m about to sell my garden apartment in Beacontree Heath.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 two flats in Beacontree Heath both have about forty five years left on the leases. Do I need to be concerned?
There are plenty of short leases in Beacontree Heath. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
I work for a busy estate agency in Beacontree Heath where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Beacontree Heath conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 buyer.
Do you have any advice for leasehold conveyancing in Beacontree Heath with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Beacontree Heath can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Beacontree Heath leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer before hand.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Beacontree Heath conveyancing firm to act on my behalf?
Most certainly. We are happy to put you in touch with a Beacontree Heath conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Beacontree Heath residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The remaining number of years on the lease was 61.36 years.