Sample questions relating to Bow leasehold conveyancing
Due to sign contracts shortly on a basement flat in Bow. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bow should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my 2 bed flat in Bow.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bow. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Bow are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Bow in which case you should be shopping around for a Bow conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
Do you have any top tips for leasehold conveyancing in Bow with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bow can be bypassed if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- The majority landlords or Management Companies in Bow levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for 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 frequent cause of delay in leasehold conveyancing in Bow.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 apartment in Bow next Thursday . The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Bow?
Bow conveyancing on leasehold maisonettes usually necessitates fees being invoiced by freeholders :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Bow
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Bow conveyancing firm to act on my behalf?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Bow flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.