Frequently asked questions relating to South Croydon leasehold conveyancing
Due to exchange soon on a leasehold property in South Croydon. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in South Croydon 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 have just appointed agents to market my ground floor flat in South Croydon.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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 unless 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. This will smooth the conveyancing process.
Back In 2007, I bought a leasehold house in South Croydon. Conveyancing and Platform Home Loans Ltd mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in South Croydon who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a South Croydon conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in South Croydon both have about forty five years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in South Croydon. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
All being well we will complete the sale of our £425000 garden flat in South Croydon next week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in South Croydon?
For the majority of leasehold sales in South Croydon conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in South Croydon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a a ground floor purpose built flat in South Croydon. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the premium.
An example of a Freehold Enfranchisement decision for a South Croydon property is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The unexpired lease term was 78.32 years.