Questions and Answers: Pratt's Bottom leasehold conveyancing
I am hoping to sign contracts shortly on a basement flat in Pratt's Bottom. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Pratt's Bottom should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I have just started marketing my ground floor apartment in Pratt's Bottom.Conveyancing has not commenced but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge the invoice 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Pratt's Bottom. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Pratt's Bottom ?
Most houses in Pratt's Bottom are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Pratt's Bottom in which case you should be shopping around for a Pratt's Bottom conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Pratt's Bottom from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Pratt's Bottom can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- Many landlords or Management Companies in Pratt's Bottom charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Pratt's Bottom.
If all goes to plan we aim to complete the disposal of our £275000 maisonette in Pratt's Bottom on Friday in a week. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Pratt's Bottom?
For the majority of leasehold sales in Pratt's Bottom conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Pratt's Bottom
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Pratt's Bottom. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to judgment on the premium.
An example of a Lease Extension matter before the tribunal for a Pratt's Bottom flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired lease term was 50.57 years.