Experts for Leasehold Conveyancing in Belvedere

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Belvedere, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Belvedere

I have recently realised that I have Fifty years unexpired on my lease in Belvedere. I now want to extend my lease but my landlord is missing. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent would be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Belvedere.

I am tempted by the attractive purchase price for a couple of apartments in Belvedere which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

What advice can you give us when it comes to appointing a Belvedere conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Belvedere conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Belvedere conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • What are the charges for lease extension work?

    • Do you have any advice for leasehold conveyancing in Belvedere from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Belvedere can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers lawyers.
    • The majority freeholders or Management Companies in Belvedere levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought 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 usual cause of frustration in leasehold conveyancing in Belvedere.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Belvedere leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. If you fail to have the paperwork in place do not communicate with the landlord without contacting your conveyancer before hand.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a re-issued share certificate is often a time consuming process and delays many a Belvedere conveyancing transaction. Where a new share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

    • I am the registered owner of a garden flat in Belvedere. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?

    Absolutely. We can put you in touch with a Belvedere conveyancing firm who can help.

    An example of a Lease Extension case for a Belvedere residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The the unexpired term as at the valuation date was 76 years.

    What makes a Belvedere lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Belvedere. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Platform Home Loans Ltd all have express requirements 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 grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Belvedere