Mottingham leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Mottingham. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Mottingham - 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.
Looking forward to complete next month on a ground floor flat in Mottingham. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Mottingham should include some of the following:
- Defining your legal entitlements in relation to the communal areas in the building.By way of example, does the lease contain a right of way over a path or staircase?
- Does the lease prohibit wood flooring?
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- Whether your lease has a provision for a sinking fund?
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
- Responsibility for repairing the window frames
- What options are open to you if a neighbour breach a clause of their lease?
I’m about to sell my ground floor flat in Mottingham.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a busy estate agency in Mottingham where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Mottingham conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 purchaser.
We expect to complete the disposal of our £ 375000 flat in Mottingham next week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Mottingham?
Mottingham conveyancing on leasehold flats more often than not necessitates the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has little choice but to pay whatever is demanded if you want to sell the property.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Mottingham conveyancing firm to help?
Most certainly. We are happy to put you in touch with a Mottingham conveyancing firm who can help.
An example of a Lease Extension decision for a Mottingham property is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case related to 1 flat. The the unexpired term as at the valuation date was 23.26 years.
I am the registered owner of a basement flat in Mottingham, conveyancing was carried out in 2001. How much will my lease extension cost? Comparable properties in Mottingham with an extended lease are worth £230,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2086
You have 60 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.