Frequently asked questions relating to Hayes leasehold conveyancing
Expecting to exchange soon on a ground floor flat in Hayes. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Hayes should include some of the following:
- The total extent of the property. This will be the flat itself but may include a roof space or cellar if appropriate.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Hayes. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Hayes are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Hayes in which case you should be shopping around for a Hayes conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
Do you have any advice for leasehold conveyancing in Hayes from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Hayes can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- The majority landlords or Management Companies in Hayes levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hayes.
If all goes to plan we aim to complete the sale of our £275000 garden flat in Hayes on Monday in a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Hayes?
For the majority of leasehold sales in Hayes conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Hayes
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Hayes conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Hayes conveyancing firm who can help.
An example of a Lease Extension case for a Hayes flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The the unexpired term as at the valuation date was 50.57 years.
Are there frequently found deficiencies that you encounter in leases for Hayes properties?
There is nothing unique about leasehold conveyancing in Hayes. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- 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 a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Nottingham Building Society all have express 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.