Southall leasehold conveyancing: Q and A’s
Looking forward to sign contracts shortly on a ground floor flat in Southall. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Southall should include some of the following:
- You should receive a copy of the lease
Last month I purchased a leasehold house in Southall. Do I have any liability for 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 owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 Southall from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Southall can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
- The majority landlords or managing agents in Southall levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Southall.
If all goes to plan we aim to complete the sale of our £450000 flat in Southall on Tuesday in a week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Southall?
Southall conveyancing on leasehold apartments often involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Southall conveyancing firm to act on my behalf?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension decision for a Southall premises is 33 Barbican Road in January 2013. The Tribunals calculation of the lease extension premium payable was £17,592. This case related to 1 flat. The unexpired term was 55.12 years.
When it comes to leasehold conveyancing in Southall what are the most common lease defects?
Leasehold conveyancing in Southall is not unique. Most leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.