Frequently asked questions relating to Collier Row leasehold conveyancing
Due to complete next month on a leasehold property in Collier Row. Conveyancing solicitors assured 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 Collier Row should include some of the following:
- Defining your rights in respect of common areas in the block.E.G., does the lease include a right of way over a path or staircase?
I have just appointed agents to market my 2 bed apartment in Collier Row.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
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 managing agents will not acknowledge the buyer unless 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 Collier Row where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Collier Row conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
All being well we will complete our sale of a £300000 flat in Collier Row on Thursday in a week. The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Collier Row?
Collier Row conveyancing on leasehold flats typically involves fees being levied by landlords agents :
- Completing pre-exchange questions
- Where consent is required before sale in Collier Row
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Collier Row. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Collier Row premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.
In relation to leasehold conveyancing in Collier Row what are the most frequent lease defects?
Leasehold conveyancing in Collier Row is not unique. All leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.