Sample questions relating to Raynes Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Raynes Park. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Raynes Park - 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 want to sublet my leasehold flat in Raynes Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last Raynes Park conveyancing solicitor is not available you can check your lease to see if you are permitted to let out the premises. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or some other party prior to subletting. This means that you cannot sublet without prior permission. The consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to sign contracts shortly on a leasehold property in Raynes Park. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Raynes Park should include some of the following:
- Defining your rights in relation to common areas in the block.For example, does the lease contain a right of way over a path or hallways?
Do you have any top tips for leasehold conveyancing in Raynes Park from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Raynes Park can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or managing agents in Raynes Park levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Raynes Park.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Raynes Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension case for a Raynes Park flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The the unexpired term as at the valuation date was 60.43 years.
What makes a Raynes Park lease problematic?
There is nothing unique about leasehold conveyancing in Raynes Park. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts 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 as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, 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 defective they may refuse to provide security, forcing the purchaser to pull out.