Common questions relating to Botany Bay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Botany Bay. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Botany Bay - 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 hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Botany Bay. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Botany Bay ?
Most houses in Botany Bay are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Botany Bay in which case you should be looking for a Botany Bay conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.
I am attracted to a couple of flats in Botany Bay both have in the region of fifty years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
I am employed by a busy estate agency in Botany Bay where we see a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Botany Bay 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?
Provided that the seller has been the owner 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is 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 advice for leasehold conveyancing in Botany Bay from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Botany Bay can be reduced where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
- A minority of Botany Bay leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Botany Bay. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Botany Bay conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Botany Bay premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The remaining number of years on the lease was 70.31 years.