Frequently asked questions relating to Southborough leasehold conveyancing
I am on look out for some leasehold conveyancing in Southborough. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Southborough - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am intending to let out my leasehold apartment in Southborough. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Southborough conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party prior to subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord for their consent.
I am hoping to sign contracts shortly on a basement flat in Southborough. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Southborough should include some of the following:
- You should receive a copy of the lease
Completion in due on the disposal of our £475000 apartment in Southborough next Wednesday . The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Southborough?
For most leasehold sales in Southborough conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Southborough
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in seeking a lease extension in Southborough. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Southborough conveyancing firm who can help.
An example of a Lease Extension decision for a Southborough premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.
In relation to leasehold conveyancing in Southborough what are the most frequent lease problems?
Leasehold conveyancing in Southborough is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Bank of Ireland all have very detailed requirements 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 grant the mortgage, forcing the buyer to pull out.