Questions and Answers: Hampton Wick leasehold conveyancing
Expecting to exchange soon on a ground floor flat in Hampton Wick. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Hampton Wick should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my basement flat in Hampton Wick.Conveyancing has not commenced but I have just had a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear 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.
Back In 2008, I bought a leasehold house in Hampton Wick. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Hampton Wick who previously acted has long since retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Hampton Wick conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
All being well we will complete the sale of our £350000 flat in Hampton Wick on Friday in a week. The freeholder has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Hampton Wick?
Hampton Wick conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Hampton Wick conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Hampton Wick conveyancing firm who can help.
An example of a Lease Extension decision for a Hampton Wick residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
What are the frequently found problems that you witness in leases for Hampton Wick properties?
Leasehold conveyancing in Hampton Wick is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts 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
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.