Sample questions relating to Clapham leasehold conveyancing
I am hoping to sign contracts shortly on a leasehold property in Clapham. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Clapham should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
My wife and I purchased a leasehold house in Clapham. Conveyancing and Barnsley Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Clapham who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Clapham conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agent office in Clapham where we see a few flat sales put at risk due to short leases. I have received inconsistent advice from local Clapham conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities 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 start 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 has to be done before, or at the same time as completion of the sale.
An alternative approach is 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.
Can you provide any advice for leasehold conveyancing in Clapham with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Clapham can be reduced if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in Clapham charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 cause of frustration in leasehold conveyancing in Clapham.
I am the proprietor of a ground-floor 1960’s flat in Clapham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Most definitely. We can put you in touch with a Clapham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Clapham premises is 23 Chelsham Road in May 2013. the Tribunal found that the sum of £13,870.00 was payable for the freehold following a vestig order having been granted by Swansea County Court dated 1st March 2013 This case was in relation to 3 flats. The the unexpired term as at the valuation date was 99 years.
What makes a Clapham lease unacceptable for security purposes?
Leasehold conveyancing in Clapham is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and TSB all have express requirements 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, obliging the purchaser to withdraw.