Sample questions relating to East Bedfont leasehold conveyancing
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in East Bedfont. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in East Bedfont ?
Most houses in East Bedfont are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in East Bedfont in which case you should be looking for a East Bedfont conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am employed by a busy estate agent office in East Bedfont where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local East Bedfont conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 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.
Alternatively, it may be possible 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 purchaser.
Do you have any advice for leasehold conveyancing in East Bedfont with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in East Bedfont can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
- Many landlords or Management Companies in East Bedfont levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. 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 common reason for delay in leasehold conveyancing in East Bedfont.
All being well we will complete the disposal of our £475000 flat in East Bedfont on Friday in a week. The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in East Bedfont?
East Bedfont conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in East Bedfont. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a East Bedfont conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a East Bedfont flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 82.93 years.
When it comes to leasehold conveyancing in East Bedfont what are the most frequent lease problems?
Leasehold conveyancing in East Bedfont is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. National Westminster Bank, Virgin Money, and TSB all have express 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, forcing the purchaser to withdraw.