Common questions relating to Ratcliff leasehold conveyancing
Planning to exchange soon on a leasehold property in Ratcliff. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Ratcliff should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am employed by a reputable estate agency in Ratcliff where we have experienced a few flat sales jeopardised as a result of short leases. I have been given contradictory information from local Ratcliff conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 needs to be completed before, 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 offer any advice when it comes to appointing a Ratcliff conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Ratcliff conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Ratcliff conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Ratcliff from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Ratcliff can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- The majority landlords or Management Companies in Ratcliff charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ratcliff.
I have had difficulty in seeking a lease extension in Ratcliff. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Ratcliff conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Ratcliff premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The the number of years remaining on the existing lease(s) was 101.61 years.
Are there common defects that you witness in leases for Ratcliff properties?
There is nothing unique about leasehold conveyancing in Ratcliff. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Mortgage Works, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.