Frequently asked questions relating to Crystal Palace leasehold conveyancing
I am in need of some leasehold conveyancing in Crystal Palace. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Crystal Palace - 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Crystal Palace.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – what should I do?
The sensible thing to do is clear the invoice 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 am attracted to a couple of flats in Crystal Palace both have approximately forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Crystal Palace from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Crystal Palace can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- Many landlords or Management Companies in Crystal Palace charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Crystal Palace.
I have had difficulty in negotiating a lease extension in Crystal Palace. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Crystal Palace conveyancing firm who can help.
An example of a Lease Extension case for a Crystal Palace property is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case related to 1 flat. The unexpired term was 69 years.
When it comes to leasehold conveyancing in Crystal Palace what are the most frequent lease problems?
Leasehold conveyancing in Crystal Palace is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- 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
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Platform Home Loans Ltd all have very detailed 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 grant the mortgage, forcing the buyer to pull out.