Examples of recent questions relating to leasehold conveyancing in Bankside
I am on look out for some leasehold conveyancing in Bankside. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most 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 hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bankside. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Bankside ?
The majority of houses in Bankside are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Bankside so you should seriously consider shopping around for a Bankside conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I own a leasehold house in Bankside. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Bankside who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Bankside conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any top tips for leasehold conveyancing in Bankside from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bankside can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Bankside charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Bankside.
If all goes to plan we aim to complete the sale of our £200000 maisonette in Bankside in nine days. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bankside?
Bankside conveyancing on leasehold flats often involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Bankside. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Freehold Enfranchisement decision 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 was in relation to 41 flats. The the unexpired residue of the current lease was 107 years.