Sample questions relating to Camden Town leasehold conveyancing
I am hoping to exchange soon on a ground floor flat in Camden Town. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Camden Town should include some of the following:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a couple of maisonettes in Camden Town which have approximately 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Camden Town is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Camden Town conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to finding a Camden Town conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Camden Town conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Camden Town conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- What volume of lease extensions has the firm carried out in Camden Town in the last year?
Do you have any top tips for leasehold conveyancing in Camden Town with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Camden Town can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
- The majority landlords or managing agents in Camden Town charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Camden Town.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Camden Town conveyancing firm to represent me?
Absolutely. We can put you in touch with a Camden Town conveyancing firm who can help.
An example of a Lease Extension case for a Camden Town property is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case was in relation to 1 flat. The unexpired term was 62.79 years.
When it comes to leasehold conveyancing in Camden Town what are the most frequent lease defects?
Leasehold conveyancing in Camden Town is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- 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
You will encounter 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. Barclays , Bank of Scotland, 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.