Belvedere leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Belvedere. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Belvedere - 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.
I am attracted to a two apartments in Belvedere both have approximately forty five years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as 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 area
Last month I purchased a leasehold house in Belvedere. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to appointing a Belvedere conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Belvedere conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Belvedere conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions has the firm carried out in Belvedere in the last 12 months?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £200000 garden flat in Belvedere in just under a week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Belvedere?
Belvedere conveyancing on leasehold flats often requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to complete the sale of your home.
We have reached the end of our tether in seeking a lease extension in Belvedere. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Belvedere conveyancing firm who can help.
An example of a Lease Extension case for a Belvedere flat 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.