Frequently asked questions relating to Brunswick Park leasehold conveyancing
Due to sign contracts shortly on a ground floor flat in Brunswick Park. Conveyancing solicitors 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 Brunswick Park should include some of the following:
- Defining your rights in relation to common areas in the building.For example, does the lease permit a right of way over an accessway or hallways?
I have just started marketing my 2 bed apartment in Brunswick Park.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am looking at a couple of apartments in Brunswick Park which have about fifty 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 right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
Completion in due on the disposal of our £300000 flat in Brunswick Park in 5 days. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Brunswick Park?
For the majority of leasehold sales in Brunswick Park conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Brunswick Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a a ground floor purpose built flat in Brunswick Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Brunswick Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Brunswick Park premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 70.31 years.
When it comes to leasehold conveyancing in Brunswick Park what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Brunswick Park. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.