Questions and Answers: Bankside leasehold conveyancing
Planning to exchange soon on a basement flat in Bankside. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bankside should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold house in Bankside. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Bankside who previously acted has long since retired.Any advice?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Bankside conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Bankside. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Bankside with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bankside can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Bankside leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without contacting your lawyer in the first instance.
We expect to complete the disposal of our £350000 apartment in Bankside next Monday . The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Bankside?
Bankside conveyancing on leasehold apartments usually involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Bankside conveyancing firm to represent me?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Bankside premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired lease term was 107 years.