Questions and Answers: Heston leasehold conveyancing
Looking forward to exchange soon on a garden flat in Heston. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Heston should include some of the following:
- Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease grant a right of way over an accessway or staircase?
I am employed by a long established estate agent office in Heston where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Heston conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
What are your top tips when it comes to choosing a Heston conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Heston conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Heston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Heston from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Heston can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- The majority landlords or Management Companies in Heston charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding 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 Heston.
I inherited a a ground floor purpose built flat in Heston. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension case for a Heston residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.
What makes a Heston lease defective?
Leasehold conveyancing in Heston is not unique. All leases are individual and drafting errors can result in certain clauses are missing. 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.