Frequently asked questions relating to Southend leasehold conveyancing
Due to complete next month on a basement flat in Southend. Conveyancing lawyers assured 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 Southend should include some of the following:
- The physical extent of the demise. This will be the property itself but could also include a roof space or cellar if applicable.
I am attracted to a two maisonettes in Southend both have approximately fifty years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Southend is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Southend conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to finding a Southend conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Southend conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Southend conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Southend with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Southend can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
- Some Southend leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 flat in Southend next Tuesday . The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Southend?
For most leasehold sales in Southend 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 pre-exchange enquiries
- Where consent is required before sale in Southend
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
We have reached the end of our tether in trying to purchase the freehold in Southend. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if 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 decide the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Southend residence is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case related to 2 flats. The the unexpired term as at the valuation date was 68.28 and 158.