Common questions relating to Brimsdown leasehold conveyancing
I am hoping to exchange soon on a garden flat in Brimsdown. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Brimsdown should include some of the following:
- You should be sent a copy of the lease
I am looking at a two maisonettes in Brimsdown both have in the region of 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Brimsdown. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter 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 difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in Brimsdown. 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 lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Can you provide any advice for leasehold conveyancing in Brimsdown from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Brimsdown can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Brimsdown levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Brimsdown.
All being well we will complete the sale of our £150000 apartment in Brimsdown next week. The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Brimsdown?
Brimsdown conveyancing on leasehold flats often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a a ground floor purpose built flat in Brimsdown. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most definitely. We can put you in touch with a Brimsdown conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold decision for a Brimsdown residence is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The the number of years remaining on the existing lease(s) was 80.01 years.