Questions and Answers: Botany Bay leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Botany Bay. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Botany Bay are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Botany Bay so you should seriously consider looking for a Botany Bay conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.
I own a leasehold house in Botany Bay. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Botany Bay who previously acted has now retired.What should I do?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Botany Bay conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a long established estate agent office in Botany Bay where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Botany Bay conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 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 prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 apartment in Botany Bay next Tuesday . The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Botany Bay?
Botany Bay conveyancing on leasehold apartments more often than not necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to sell the property.
I am the proprietor of a first floor flat in Botany Bay. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.
An example of a Freehold Enfranchisement case for a Botany Bay property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 70.31 years.
What are the common defects that you witness in leases for Botany Bay properties?
Leasehold conveyancing in Botany Bay is not unique. All leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations 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
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, Leeds Building Society, and Clydesdale 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 buyer to withdraw.