Iver leasehold conveyancing: Q and A’s
Looking forward to sign contracts shortly on a leasehold property in Iver. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Iver should include some of the following:
- You should receive a copy of the lease
I own a leasehold house in Iver. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Iver who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Iver conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, 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 Iver both have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Completion in due on our sale of a £250000 maisonette in Iver in seven days. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Iver?
Iver conveyancing on leasehold flats more often than not involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Iver conveyancing firm to represent me?
Absolutely. We are happy to put you in touch with a Iver conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Iver premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired lease term was 69 years.
When it comes to leasehold conveyancing in Iver what are the most common lease problems?
Leasehold conveyancing in Iver is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- 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 will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.