Examples of recent questions relating to leasehold conveyancing in South Wimbledon
Expecting to exchange soon on a ground floor flat in South Wimbledon. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in South Wimbledon should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two flats in South Wimbledon which have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises 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 recommend you seek professional help from a conveyancer and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in South Wimbledon with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in South Wimbledon can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority landlords or managing agents in South Wimbledon charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in South Wimbledon.
If all goes to plan we aim to complete the disposal of our £450000 garden flat in South Wimbledon next Tuesday . The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in South Wimbledon?
South Wimbledon conveyancing on leasehold apartments normally involves the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by 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 choice but to pay whatever is demanded if you want to sell the property.
We have reached the end of our tether in negotiating a lease extension in South Wimbledon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a South Wimbledon conveyancing firm who can help.
An example of a Lease Extension decision for a South Wimbledon property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The unexpired term was 62.94 years.
Are there frequently found problems that you witness in leases for South Wimbledon properties?
Leasehold conveyancing in South Wimbledon is not unique. All leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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.
- Service charge per centages that don't add up correctly leaving a shortfall
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. Halifax, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions 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 pull out.