Frequently asked questions relating to Rush Green leasehold conveyancing
Due to complete next month on a ground floor flat in Rush Green. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rush Green should include some of the following:
- The total extent of the premises. This will be the property itself but might incorporate a loft or basement if applicable.
I have just started marketing my ground floor flat in Rush Green.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a couple of flats in Rush Green which have approximately fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Rush Green. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Rush Green conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Rush Green conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Rush Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
My wife and I have hit a brick wall in trying to purchase the freehold in Rush Green. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the price.
An example of a Lease Extension case for a Rush Green premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.
In relation to leasehold conveyancing in Rush Green what are the most frequent lease problems?
Leasehold conveyancing in Rush Green is not unique. Most leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
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 Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed 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 provide security, obliging the buyer to withdraw.