Frequently asked questions relating to Brockley leasehold conveyancing
I am on look out for some leasehold conveyancing in Brockley. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Brockley - then the leasehold title will always include the short particulars 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 only have 68 years unexpired on my lease in Brockley. I now wish to extend my lease but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the landlord. For most situations a specialist should be useful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Brockley.
Do you have any advice for leasehold conveyancing in Brockley from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Brockley can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or managing agents in Brockley levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Brockley.
If all goes to plan we aim to complete the sale of our £275000 apartment in Brockley next Friday . The management company has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Brockley?
Brockley conveyancing on leasehold maisonettes more often than not involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to complete the sale of your home.
Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Brockley. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Brockley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Brockley premises is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case affected 1 flat.
When it comes to leasehold conveyancing in Brockley what are the most frequent lease defects?
Leasehold conveyancing in Brockley is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, 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 is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.