Common questions relating to Aldwych leasehold conveyancing
Due to sign contracts shortly on a ground floor flat in Aldwych. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Aldwych should include some of the following:
- Defining your rights in relation to the communal areas in the building.E.G., does the lease include a right of way over a path or hallways?
I’m about to sell my ground floor apartment in Aldwych.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a couple of maisonettes in Aldwych both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 flat in Aldwych next week. The management company has quoted £336 for Certificate of Compliance, 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 Aldwych?
Aldwych conveyancing on leasehold apartments usually necessitates administration charges raised by management companies :
- Answering pre-exchange questions
- Where consent is required before sale in Aldwych
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a garden flat in Aldwych. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the price payable.
An example of a Freehold Enfranchisement decision for a Aldwych premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The remaining number of years on the lease was 73.26 years.
What makes a Aldwych lease defective?
Leasehold conveyancing in Aldwych is not unique. Most leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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 could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.