Examples of recent questions relating to leasehold conveyancing in Newington
Having had my offer accepted I require leasehold conveyancing in Newington. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Newington - 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.
I have just appointed agents to market my garden apartment in Newington.Conveyancing has not commenced but I have just received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is clear 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 management companies 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 employed by a busy estate agency in Newington where we have witnessed a few flat sales derailed due to short leases. I have been given conflicting advice from local Newington conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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.
Do you have any advice for leasehold conveyancing in Newington with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Newington can be avoided if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- The majority landlords or Management Companies in Newington levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Newington.
All being well we will complete the sale of our £450000 apartment in Newington on Monday in a week. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Newington?
Newington conveyancing on leasehold maisonettes typically involves administration charges raised by managing agents :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Newington
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Newington conveyancing firm to act on my behalf?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to determine the premium.
An example of a Freehold Enfranchisement decision for a Newington flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The remaining number of years on the lease was 107 years.