Common questions relating to Loxford leasehold conveyancing
I am in need of some leasehold conveyancing in Loxford. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Loxford - 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.
Expecting to exchange soon on a basement flat in Loxford. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Loxford should include some of the following:
- Setting out your rights in relation to common areas in the block.For instance, does the lease contain a right of way over a path or staircase?
I have just appointed agents to market my 2 bed apartment in Loxford.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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 management companies 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 a negotiator for a long established estate agency in Loxford where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Loxford conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is 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.
What are your top tips when it comes to appointing a Loxford conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Loxford conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Loxford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Loxford. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Loxford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Loxford premises is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case was in relation to 5 flats. The the unexpired term as at the valuation date was 73.8 years.