Beckenham leasehold conveyancing: Q and A’s
I am hoping to sign contracts shortly on a basement flat in Beckenham. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Beckenham should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I work for a reputable estate agency in Beckenham where we see a number of flat sales jeopardised due to short leases. I have received contradictory information from local Beckenham conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to finding a Beckenham conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Beckenham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Beckenham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
All being well we will complete the sale of our £325000 maisonette in Beckenham on Thursday in a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Beckenham?
Beckenham conveyancing on leasehold apartments normally involves administration charges levied by landlords agents :
- Answering pre-contract questions
- Where consent is required before sale in Beckenham
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Beckenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Beckenham conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Beckenham premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case related to 2 flats. The the unexpired residue of the current lease was 76.75 and 88.83.
In relation to leasehold conveyancing in Beckenham what are the most common lease problems?
Leasehold conveyancing in Beckenham is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.