Fulham leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Fulham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Fulham - then the leasehold title will always include the short particulars 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.
I only have 62 years unexpired on my lease in Fulham. I am keen to extend my lease but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent should be useful to try and locate and prepare a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Fulham.
I’m about to sell my garden apartment in Fulham.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge 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 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.
Can you provide any advice for leasehold conveyancing in Fulham with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Fulham can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- The majority freeholders or Management Companies in Fulham charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 reason for delay in leasehold conveyancing in Fulham.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Fulham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Fulham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Fulham residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case affected 2 flats. The the unexpired term as at the valuation date was 93 years and 162 years.
What are the common problems that you witness in leases for Fulham properties?
Leasehold conveyancing in Fulham is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Nottingham Building Society all have very detailed requirements 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 purchaser to withdraw.