Questions and Answers: Bankside leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bankside. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Bankside - 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.
I am intending to sublet my leasehold flat in Bankside. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Bankside do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Can you provide any top tips 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 appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority landlords or managing agents in Bankside charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Bankside.
If all goes to plan we aim to complete the disposal of our £125000 apartment in Bankside next week. The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bankside?
Bankside conveyancing on leasehold maisonettes ordinarily necessitates fees being raised by freeholders :
- Answering pre-exchange enquiries
- Where consent is required before sale in Bankside
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to purchase the freehold in Bankside. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Bankside conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Bankside residence 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 was in relation to 41 flats. The unexpired lease term was 107 years.
What makes a Bankside lease defective?
There is nothing unique about leasehold conveyancing in Bankside. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections 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 premises
- 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 a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Clydesdale 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 is defective they may refuse to provide security, forcing the buyer to pull out.