Common questions relating to Purley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Purley. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Purley - 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.
I am hoping to complete next month on a garden flat in Purley. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Purley should include some of the following:
- Setting out your legal entitlements in relation to the communal areas in the building.E.G., does the lease contain a right of way over a path or staircase?
Do you have any advice for leasehold conveyancing in Purley from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Purley can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
- A minority of Purley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
We expect to complete our sale of a £325000 garden flat in Purley next Wednesday . The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Purley?
Purley conveyancing on leasehold maisonettes normally necessitates administration charges invoiced by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Purley
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Purley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Purley conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Purley residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case related to 6 flats. The unexpired term was 78.32 years.
What makes a Purley lease problematic?
Leasehold conveyancing in Purley is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Godiva Mortgages Ltd all have express 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 grant the mortgage, forcing the purchaser to pull out.