Maze Hill leasehold conveyancing: Q and A’s
Planning to exchange soon on a ground floor flat in Maze Hill. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Maze Hill should include some of the following:
- You should be sent a copy of the lease
I work for a long established estate agent office in Maze Hill where we see a few leasehold sales jeopardised due to short leases. I have been given contradictory information from local Maze Hill conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
What are your top tips when it comes to appointing a Maze Hill conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Maze Hill conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Maze Hill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Maze Hill from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Maze Hill can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Maze Hill levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for 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 common cause of frustration in leasehold conveyancing in Maze Hill.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Maze Hill. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension case for a Maze Hill residence is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 72 years.
What makes a Maze Hill lease unmortgageable?
Leasehold conveyancing in Maze Hill is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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
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, Leeds Building Society, and TSB 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 defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.