Common questions relating to New Barnet leasehold conveyancing
I am in need of some leasehold conveyancing in New Barnet. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in New Barnet - then the leasehold title will always include the basic details 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 exchange soon on a ground floor flat in New Barnet. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in New Barnet should include some of the following:
- You should receive a copy of the lease
I have just started marketing my garden apartment in New Barnet.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – what should I do?
It best that you discharge the service charge 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.
We expect to complete the disposal of our £225000 garden flat in New Barnet next week. The management company has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in New Barnet?
New Barnet conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They may charge a reasonable administration fee for answering questions 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 situations it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in New Barnet. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, 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 make a decision on the premium.
An example of a Lease Extension case for a New Barnet property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The unexpired lease term was 76 years.
What makes a New Barnet lease defective?
There is nothing unique about leasehold conveyancing in New Barnet. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Platform Home Loans Ltd all have express conveyancing instructions 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 provide security, obliging the purchaser to withdraw.
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