Sample questions relating to Aldborough Hatch leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Aldborough Hatch. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Aldborough Hatch - 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 am a negotiator for a reputable estate agent office in Aldborough Hatch where we have witnessed a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Aldborough Hatch conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to choosing a Aldborough Hatch conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Aldborough Hatch conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Aldborough Hatch conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Aldborough Hatch who can give a testimonial?
Do you have any top tips for leasehold conveyancing in Aldborough Hatch with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Aldborough Hatch can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in Aldborough Hatch charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Aldborough Hatch.
I have given up trying to purchase the freehold in Aldborough Hatch. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Aldborough Hatch conveyancing firm who can help.
An example of a Lease Extension case for a Aldborough Hatch 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 the unexpired residue of the current lease was 61.36 years.
Are there frequently found defects that you witness in leases for Aldborough Hatch properties?
Leasehold conveyancing in Aldborough Hatch is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Aldermore all have express conveyancing instructions 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 buyer to pull out.