Forest Row leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Forest Row. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Forest Row - 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’m about to sell my ground floor apartment in Forest Row.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – Do I pay up?
The sensible thing to do is 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 unless 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. This will smooth the conveyancing process.
I am employed by a reputable estate agency in Forest Row where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Forest Row conveyancing firms. Could you confirm whether the seller of a flat can start 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 need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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.
Do you have any advice for leasehold conveyancing in Forest Row with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Forest Row can be bypassed where you get in touch lawyers the minute 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? Have you, for example laid down wooden flooring? Forest Row leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such works. Should you dont have the consents in place you should not contact the landlord without contacting your solicitor before hand.
Are there frequently found defects that you witness in leases for Forest Row properties?
Leasehold conveyancing in Forest Row is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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, Virgin Money, and Platform Home Loans Ltd 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 defective they may refuse to provide security, forcing the purchaser to withdraw.
Forest Row Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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How much is the ground rent and service charge?
The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and although a managing agent is often retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
It is important to be aware whether a new roof is being installed or some other major work is pending that will be shared amongst the leaseholders and will materially increase the the maintenance costs or necessitate a specific payment.
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