Recently asked questions relating to New Cross leasehold conveyancing
I am on look out for some leasehold conveyancing in New Cross. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in New Cross - 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.
I have just appointed agents to market my 2 bed apartment in New Cross.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – Do I pay up?
The sensible thing to do is 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 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 tempted by the attractive purchase price for a couple of flats in New Cross both have approximately fifty years left on the leases. should I be concerned?
There are plenty of short leases in New Cross. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 apartment in New Cross next Tuesday . The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in New Cross?
New Cross conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are at liberty levy a reasonable charge for responding to 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 transactions it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to complete the sale of your home.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a New Cross conveyancing firm to help?
Absolutely. We are happy to put you in touch with a New Cross conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a New Cross residence is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case affected 3 flats. The remaining number of years on the lease was 80.01 years.
Are there common problems that you come across in leases for New Cross properties?
Leasehold conveyancing in New Cross is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
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