Common questions relating to Downham leasehold conveyancing
I am in need of some leasehold conveyancing in Downham. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Downham - 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.
Due to sign contracts shortly on a studio apartment in Downham. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Downham should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
Estate agents have just been given the go-ahead to market my 2 bed apartment in Downham.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 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. This will smooth the conveyancing process.
I am employed by a reputable estate agent office in Downham where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Downham conveyancing solicitors. Could you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Can you provide any top tips for leasehold conveyancing in Downham with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Downham can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
- The majority freeholders or managing agents in Downham charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Downham.
After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Downham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where 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 Freehold Enfranchisement decision for a Downham premises is Ravensbourne Lodge 4 Highland Road in February 2013. the Tribunal held that the amount payable for the freehold was £22,268