Recently asked questions relating to Emersons Green leasehold conveyancing
I am in need of some leasehold conveyancing in Emersons Green. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Emersons Green - 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.
Looking forward to exchange soon on a basement flat in Emersons Green. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Emersons Green should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I work for a busy estate agent office in Emersons Green where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Emersons Green conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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.
Completion in due on the disposal of our £200000 apartment in Emersons Green next Tuesday . The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Emersons Green?
Emersons Green conveyancing on leasehold flats usually necessitates the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
Are there frequently found problems that you come across in leases for Emersons Green properties?
Leasehold conveyancing in Emersons Green is not unique. All leases are individual 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 building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Emersons Green Leasehold Conveyancing - A selection of Questions you should consider before buying
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How many years are left on the lease?
Please note that where the lease has less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Emersons Greenlease extensions you will be required to have owned the property for two years before you are legally able to exercise a lease extension.
How many of the leaseholders are in arrears for their maintenance charge payments?
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