Recently asked questions relating to Brockley leasehold conveyancing
I am on look out for some leasehold conveyancing in Brockley. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Brockley - 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.
Planning to sign contracts shortly on a leasehold property in Brockley. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Brockley should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
Last month I purchased a leasehold flat in Brockley. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 garden flat in Brockley in just under a week. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Brockley?
Brockley conveyancing on leasehold maisonettes normally involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
We have reached the end of our tether in negotiating a lease extension in Brockley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to 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 property 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.
What makes a Brockley lease defective?
There is nothing unique about leasehold conveyancing in Brockley. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.