Questions and Answers: Addington leasehold conveyancing
I am on look out for some leasehold conveyancing in Addington. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Addington - 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.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Addington. I now want to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. On the whole an enquiry agent may be helpful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Addington.
Expecting to exchange soon on a studio apartment in Addington. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Addington should include some of the following:
- You should receive a copy of the lease
We expect to complete our sale of a £225000 garden flat in Addington next week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Addington?
Addington conveyancing on leasehold apartments usually necessitates the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee 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 levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I am the leaseholder of a basement flat in Addington. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
You certainly can. We can put you in touch with a Addington conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Addington residence is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired lease term was 76.75 and 88.83.
What are the frequently found defects that you come across in leases for Addington properties?
There is nothing unique about leasehold conveyancing in Addington. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Coventry Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.