Top Five Questions relating to Feltham leasehold conveyancing
Planning to exchange soon on a studio apartment in Feltham. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Feltham should include some of the following:
- The physical extent of the property. This will be the apartment itself but may include a loft or cellar if applicable.
Estate agents have just been given the go-ahead to market my basement apartment in Feltham.Conveyancing has not commenced but I have just received a half-yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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 managing agents 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 attracted to a two apartments in Feltham which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Feltham. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
What advice can you give us when it comes to finding a Feltham conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Feltham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Feltham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Feltham from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Feltham can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many landlords or managing agents in Feltham levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Feltham.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Feltham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Feltham conveyancing firm who can help.
An example of a Lease Extension decision for a Feltham residence 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 unexpired term was 82.93 years.