Recently asked questions relating to Lea Bridge leasehold conveyancing
Planning to exchange soon on a ground floor flat in Lea Bridge. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Lea Bridge should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my basement apartment in Lea Bridge.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – Do I pay up?
It best that you pay 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 managing agents will not acknowledge the buyer until 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Lea Bridge. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Lea Bridge ?
Most houses in Lea Bridge are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Lea Bridge so you should seriously consider looking for a Lea Bridge conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
What are your top tips when it comes to finding a Lea Bridge conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Lea Bridge conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Lea Bridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions have they completed in Lea Bridge in the last 12 months?
I am the registered owner of a ground floor flat in Lea Bridge. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
You certainly can. We can put you in touch with a Lea Bridge conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Lea Bridge residence is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case related to 10 flats. The unexpired term was 71.25 years.
When it comes to leasehold conveyancing in Lea Bridge what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Lea Bridge. All leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and TSB all have very detailed 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, forcing the purchaser to withdraw.