Old Malden leasehold conveyancing Example Support Desk Enquiries
Planning to sign contracts shortly on a leasehold property in Old Malden. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Old Malden should include some of the following:
- The total extent of the demise. This will be the property itself but may include a loft or basement if appropriate.
I am looking at a two flats in Old Malden which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to choosing a Old Malden conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Old Malden conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Old Malden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Old Malden who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Old Malden with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Old Malden can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Old Malden charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. 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 Old Malden.
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Old Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Old Malden flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
What makes a Old Malden lease unmortgageable?
Leasehold conveyancing in Old Malden is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Halifax, Coventry Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.