Top Five Questions relating to Biggin Hill leasehold conveyancing
I am employed by a reputable estate agent office in Biggin Hill where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Biggin Hill conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having 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 at the same time as 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 purchaser.
What are your top tips when it comes to finding a Biggin Hill conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Biggin Hill conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Biggin Hill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How many lease extensions have they conducted in Biggin Hill in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Biggin Hill from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Biggin Hill can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers lawyers.
- The majority landlords or Management Companies in Biggin Hill charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have 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 delay in leasehold conveyancing in Biggin Hill.
Completion in due on our sale of a £350000 maisonette in Biggin Hill next Monday . The management company has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Biggin Hill?
Biggin Hill conveyancing on leasehold maisonettes typically necessitates fees being raised by freeholders :
- Completing pre-contract questions
- Where consent is required before sale in Biggin Hill
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the leaseholder of a ground-floor 1950’s flat in Biggin Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Biggin Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Biggin Hill premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.
What makes a Biggin Hill lease unacceptable for security purposes?
Leasehold conveyancing in Biggin Hill is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- 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 encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Aldermore 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.