Top Five Questions relating to Limehouse leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Limehouse. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Limehouse - 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.
I am attracted to a two apartments in Limehouse which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
What are your top tips when it comes to choosing a Limehouse conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Limehouse conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Limehouse conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If the firm is not ALEP accredited then why not?
We expect to complete the sale of our £325000 maisonette in Limehouse in nine days. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Limehouse?
Limehouse conveyancing on leasehold apartments normally involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
We have reached the end of our tether in trying to purchase the freehold in Limehouse. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Limehouse premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
What are the frequently found defects that you witness in leases for Limehouse properties?
There is nothing unique about leasehold conveyancing in Limehouse. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Royal Bank of Scotland, and Aldermore 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
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