Frequently asked questions relating to South Croydon leasehold conveyancing
Expecting to exchange soon on a studio apartment in South Croydon. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
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 am employed by a busy estate agent office in South Croydon where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local South Croydon conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as 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. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Can you provide any advice for leasehold conveyancing in South Croydon with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in South Croydon can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many landlords or Management Companies in South Croydon levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in South Croydon.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £425000 garden flat in South Croydon next Thursday . The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in South Croydon?
South Croydon conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a South Croydon conveyancing firm to help?
Most certainly. We are happy to put you in touch with a South Croydon conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a South Croydon premises is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The the unexpired term as at the valuation date was 78.32 years.
What makes a South Croydon lease unacceptable for security purposes?
Leasehold conveyancing in South Croydon is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- 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
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Britannia 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 provide security, forcing the purchaser to withdraw.