Plumstead leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Plumstead. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Plumstead - 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 Sixty One years left on my flat in Plumstead. I now want to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist would be useful to carry out a search and prepare a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Plumstead.
I’m about to sell my ground floor flat in Plumstead.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
The sensible thing to do is pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Completion in due on the disposal of our £425000 flat in Plumstead next Wednesday . The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Plumstead?
Plumstead conveyancing on leasehold flats usually necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Plumstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if 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 Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension decision for a Plumstead flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
What are the frequently found deficiencies that you see in leases for Plumstead properties?
There is nothing unique about leasehold conveyancing in Plumstead. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Clydesdale 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 is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
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