Common questions relating to Primrose Hill leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Primrose Hill. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Primrose Hill - 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.
Planning to complete next month on a garden flat in Primrose Hill. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Primrose Hill should include some of the following:
- You should receive a copy of the lease
I work for a reputable estate agent office in Primrose Hill where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Primrose Hill conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities 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 buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Can you provide any top tips for leasehold conveyancing in Primrose Hill from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Primrose Hill can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- Many freeholders or managing agents in Primrose Hill levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Primrose Hill.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Primrose Hill. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Primrose Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Primrose Hill premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 64.77 years.
What are the frequently found problems that you encounter in leases for Primrose Hill properties?
There is nothing unique about leasehold conveyancing in Primrose Hill. All leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.