Sample questions relating to Chessington leasehold conveyancing
Due to exchange soon on a ground floor flat in Chessington. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Chessington should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my ground floor apartment in Chessington.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – Do I pay up?
It best that you discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I work for a busy estate agent office in Chessington where we see a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Chessington conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 sale.
Alternatively, it may be possible 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 buyer.
Do you have any top tips for leasehold conveyancing in Chessington from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chessington can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Chessington charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Chessington.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Chessington conveyancing firm to assist?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension decision for a Chessington property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.
Are there common deficiencies that you witness in leases for Chessington properties?
There is nothing unique about leasehold conveyancing in Chessington. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- 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 may encounter 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. Nationwide Building Society, Chelsea Building Society, and Clydesdale 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 grant the mortgage, forcing the purchaser to withdraw.