Examples of recent questions relating to leasehold conveyancing in Lambeth
I am on look out for some leasehold conveyancing in Lambeth. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Lambeth - 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.
Due to exchange soon on a studio apartment in Lambeth. Conveyancing solicitors assured 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 Lambeth should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am tempted by the attractive purchase price for a couple of maisonettes in Lambeth both have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Lambeth. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Lambeth from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lambeth can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers lawyers.
- The majority landlords or Management Companies in Lambeth levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for 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 usual cause of delay in leasehold conveyancing in Lambeth.
All being well we will complete our sale of a £425000 maisonette in Lambeth next week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Lambeth?
Lambeth conveyancing on leasehold flats usually involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.
I am the proprietor of a first flat in Lambeth. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Absolutely. We can put you in touch with a Lambeth conveyancing firm who can help.
An example of a Lease Extension case for a Lambeth premises is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case affected 2 flats. The unexpired lease term was 56 years.