Common questions relating to De Beauvoir Town leasehold conveyancing
Due to exchange soon on a basement flat in De Beauvoir Town. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in De Beauvoir Town should include some of the following:
- You should be sent a copy of the lease
Last month I purchased a leasehold house in De Beauvoir Town. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to finding a De Beauvoir Town conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a De Beauvoir Town conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non De Beauvoir Town conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions have they carried out in De Beauvoir Town in the last twenty four months?
Can you provide any advice for leasehold conveyancing in De Beauvoir Town from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in De Beauvoir Town can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
- The majority landlords or Management Companies in De Beauvoir Town 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 reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in De Beauvoir Town.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in De Beauvoir Town. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a De Beauvoir Town conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a De Beauvoir Town flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The remaining number of years on the lease was 80.5 years.
When it comes to leasehold conveyancing in De Beauvoir Town what are the most common lease defects?
Leasehold conveyancing in De Beauvoir Town is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- 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 issues 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 Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.