Common questions relating to South Ruislip leasehold conveyancing
Planning to sign contracts shortly on a garden flat in South Ruislip. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in South Ruislip should include some of the following:
- You should be sent a copy of the lease
I am looking at a couple of maisonettes in South Ruislip both have in the region of fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in South Ruislip. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in South Ruislip. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in South Ruislip from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in South Ruislip can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in South Ruislip state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the consents to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 apartment in South Ruislip in 8 days. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in South Ruislip?
South Ruislip conveyancing on leasehold apartments more often than not requires the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They are at liberty invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded if you want to sell the property.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in South Ruislip. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the sum to be paid.
An example of a Lease Extension decision for a South Ruislip residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case was in relation to 1 flat. The remaining number of years on the lease was 53.26 years.