Recently asked questions relating to Lisson Grove leasehold conveyancing
Expecting to exchange soon on a studio apartment in Lisson Grove. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Lisson Grove should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Estate agents have just been given the go-ahead to market my 2 bed apartment in Lisson Grove.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 looking at a two apartments in Lisson Grove which have about 50 years remaining on the leases. should I be concerned?
There are plenty of short leases in Lisson Grove. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I am a negotiator for a long established estate agency in Lisson Grove where we see a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Lisson Grove conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Can you provide any advice for leasehold conveyancing in Lisson Grove with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Lisson Grove can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority freeholders or Management Companies in Lisson Grove levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Lisson Grove.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Lisson Grove conveyancing firm to represent me?
Most definitely. We are happy to put you in touch with a Lisson Grove conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Lisson Grove property is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case related to 2 flats. The remaining number of years on the lease was 24.02 years.