Examples of recent questions relating to leasehold conveyancing in Balham
Due to sign contracts shortly on a ground floor flat in Balham. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Balham should include some of the following:
- You should receive a copy of the lease
I own a leasehold house in Balham. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Balham who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Balham conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you provide any top tips for leasehold conveyancing in Balham from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Balham can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- Some Balham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 apartment in Balham on Monday in a week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Balham?
Balham conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are at liberty levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no option but to pay whatever is demanded if you want to sell the property.
I own a second floor flat in Balham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most definitely. We can put you in touch with a Balham conveyancing firm who can help.
An example of a Lease Extension case for a Balham flat is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case affected 1 flat. The the unexpired residue of the current lease was 56.67 years.
When it comes to leasehold conveyancing in Balham what are the most common lease defects?
Leasehold conveyancing in Balham is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- 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.
- 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. Nationwide Building Society, Virgin Money, and Bank of Ireland 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 provide security, obliging the purchaser to pull out.