Frequently asked questions relating to Charlton leasehold conveyancing
Planning to exchange soon on a ground floor flat in Charlton. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Charlton should include some of the following:
- Are you allowed to have a pet in the flat?
Last month I purchased a leasehold flat in Charlton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part 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).
Can you provide any advice for leasehold conveyancing in Charlton with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Charlton can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Charlton levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Charlton.
Completion in due on the sale of our £125000 garden flat in Charlton next Wednesday . The management company has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Charlton?
Charlton conveyancing on leasehold maisonettes typically necessitates fees being invoiced by managing agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Charlton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Charlton. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Charlton conveyancing firm who can help.
An example of a Lease Extension decision for a Charlton property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The unexpired term was 72 years.
When it comes to leasehold conveyancing in Charlton what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Charlton. All leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.