Frequently asked questions relating to Colliers Wood leasehold conveyancing
I am in need of some leasehold conveyancing in Colliers Wood. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Colliers Wood - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am intending to let out my leasehold flat in Colliers Wood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Colliers Wood do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Can you provide any top tips for leasehold conveyancing in Colliers Wood from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Colliers Wood can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- Many freeholders or managing agents in Colliers Wood levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Colliers Wood.
All being well we will complete our sale of a £325000 flat in Colliers Wood on Friday in a week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Colliers Wood?
Colliers Wood conveyancing on leasehold flats often involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
I am the leaseholder of a first flat in Colliers Wood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Colliers Wood property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 62.94 years.
Are there common deficiencies that you see in leases for Colliers Wood properties?
Leasehold conveyancing in Colliers Wood is not unique. All leases are individual and drafting errors can sometimes mean that certain provisions are missing. 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Bank of Ireland 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.