Lee leasehold conveyancing: Q and A’s
Looking forward to complete next month on a garden flat in Lee. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lee should include some of the following:
- You should be sent a copy of the lease
I am a negotiator for a long established estate agent office in Lee where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Lee conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Can you offer any advice when it comes to finding a Lee conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Lee conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Lee conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Lee with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Lee can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
- Many landlords or managing agents in Lee charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Lee.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Lee. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Lee conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Lee residence is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case affected 3 flats. The unexpired term was 69.05 years.
When it comes to leasehold conveyancing in Lee what are the most common lease defects?
Leasehold conveyancing in Lee is not unique. Most leases are individual and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations 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.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter 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. HSBC Bank, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.