Questions and Answers: Forest Hill leasehold conveyancing
Due to complete next month on a studio apartment in Forest Hill. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Forest Hill should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am tempted by the attractive purchase price for a two maisonettes in Forest Hill both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Forest Hill. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in Forest Hill with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Forest Hill can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Forest Hill leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without contacting your solicitor in advance.
Completion in due on our sale of a £400000 apartment in Forest Hill next week. The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Forest Hill?
Forest Hill conveyancing on leasehold apartments normally involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Forest Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the price.
An example of a Lease Extension matter before the tribunal for a Forest Hill residence is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case affected 1 flat. The the unexpired term as at the valuation date was 61.81 years.
Are there frequently found defects that you encounter in leases for Forest Hill properties?
Leasehold conveyancing in Forest Hill is not unique. All leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed 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, obliging the buyer to pull out.