Recently asked questions relating to Rotherhithe leasehold conveyancing
Expecting to complete next month on a studio apartment in Rotherhithe. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rotherhithe 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 own a leasehold house in Rotherhithe. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Rotherhithe who acted for me is not around.Do I pay?
First contact HMLR to make sure that this person is in fact the new freeholder. You do not need to instruct a Rotherhithe conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agent office in Rotherhithe where we have witnessed a few flat sales derailed due to short leases. I have been given conflicting advice from local Rotherhithe conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Rotherhithe with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Rotherhithe can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
- The majority landlords or Management Companies in Rotherhithe levy fees for providing management packs for a leasehold property. 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 typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Rotherhithe.
Completion in due on the disposal of our £175000 maisonette in Rotherhithe next week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Rotherhithe?
Rotherhithe conveyancing on leasehold maisonettes more often than not requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Rotherhithe conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Rotherhithe conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Rotherhithe property 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 was in relation to 3 flats. The the number of years remaining on the existing lease(s) was 101.61 years.