Examples of recent questions relating to leasehold conveyancing in Brunswick Park
Looking forward to sign contracts shortly on a leasehold property in Brunswick Park. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Brunswick Park should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Brunswick Park. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Brunswick Park ?
Most houses in Brunswick Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Brunswick Park in which case you should be shopping around for a Brunswick Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
I am attracted to a couple of flats in Brunswick Park both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Brunswick Park. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225000 maisonette in Brunswick Park next Tuesday . The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Brunswick Park?
Brunswick Park conveyancing on leasehold flats usually requires the purchaser’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 content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Brunswick Park. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Brunswick Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Brunswick Park flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired lease term was 70.31 years.
What makes a Brunswick Park lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Brunswick Park. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts 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
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed 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 problematic they may refuse to grant the mortgage, forcing the buyer to pull out.