Top Five Questions relating to Becontree leasehold conveyancing
I am in need of some leasehold conveyancing in Becontree. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Becontree - then the leasehold title will always include the basic details 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.
Expecting to exchange soon on a garden flat in Becontree. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Becontree should include some of the following:
- Does the lease prohibit wood flooring?
I am employed by a reputable estate agent office in Becontree where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given inconsistent advice from local Becontree conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Can you provide any top tips for leasehold conveyancing in Becontree from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Becontree can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or Management Companies in Becontree charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Becontree.
Completion in due on the disposal of our £500000 flat in Becontree on Wednesday in a week. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Becontree?
Becontree conveyancing on leasehold flats more often than not involves the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to sell the property.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Becontree. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Becontree conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Becontree flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 61.36 years.