Sample questions relating to Brompton leasehold conveyancing
I am on look out for some leasehold conveyancing in Brompton. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Brompton - 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.
Due to sign contracts shortly on a ground floor flat in Brompton. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Brompton should include some of the following:
- Setting out your rights in relation to common areas in the block.For example, does the lease provide for a right of way over a path or hallways?
Back In 2001, I bought a leasehold house in Brompton. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Brompton who acted for me is not around.Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Brompton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agency in Brompton where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Brompton conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I am the leaseholder of a garden flat in Brompton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most certainly. We can put you in touch with a Brompton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Brompton residence is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 13.33 years.
What are the common deficiencies that you encounter in leases for Brompton properties?
Leasehold conveyancing in Brompton is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Coventry Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.