Frequently asked questions relating to Haggerston leasehold conveyancing
I am in need of some leasehold conveyancing in Haggerston. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Haggerston - 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.
Planning to complete next month on a basement flat in Haggerston. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Haggerston should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my ground floor apartment in Haggerston.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am employed by a long established estate agent office in Haggerston where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Haggerston conveyancing solicitors. Could you clarify whether the owner of a flat can start 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 buyer 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 agree the lease extension with the freeholder 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.
Completion in due on the disposal of our £150000 flat in Haggerston on Tuesday in a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Haggerston?
Haggerston conveyancing on leasehold apartments often involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I have given up trying to reach an agreement for a lease extension in Haggerston. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Lease Extension matter before the tribunal for a Haggerston premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 72.39 years.