Questions and Answers: Nunhead leasehold conveyancing
I am on look out for some leasehold conveyancing in Nunhead. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Nunhead - 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.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Nunhead. I need to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. In some cases a specialist should be useful to try and locate and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Nunhead.
Due to exchange soon on a ground floor flat in Nunhead. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Nunhead should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £475000 maisonette in Nunhead next Wednesday . The management company has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Nunhead?
Nunhead conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I inherited a ground-floor 1950’s flat in Nunhead. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Freehold Enfranchisement case for a Nunhead premises 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 was in relation to 3 flats. The unexpired lease term was 80.01 years.
What makes a Nunhead lease defective?
Leasehold conveyancing in Nunhead is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Nottingham Building Society 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 problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
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