Coney Hall leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Coney Hall. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Coney Hall - then the leasehold title will always include the basic details 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 today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Coney Hall. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Coney Hall ?
Most houses in Coney Hall are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Coney Hall so you should seriously consider shopping around for a Coney Hall conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Coney Hall which have about 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Coney Hall is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Coney Hall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
If all goes to plan we aim to complete the sale of our £275000 maisonette in Coney Hall in 5 days. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Coney Hall?
Coney Hall conveyancing on leasehold flats normally necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the leaseholder of a a ground floor purpose built flat in Coney Hall. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Coney Hall premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired lease term was 50.57 years.
What are the common defects that you see in leases for Coney Hall properties?
Leasehold conveyancing in Coney Hall is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.