Sample questions relating to Stockwell leasehold conveyancing
I am hoping to sign contracts shortly on a garden flat in Stockwell. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Stockwell should include some of the following:
- You should receive a copy of the lease
I have just started marketing my garden apartment in Stockwell.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2009, I bought a leasehold flat in Stockwell. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Stockwell who previously acted has long since retired.Any advice?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Stockwell conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agent office in Stockwell where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Stockwell conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 apartment in Stockwell on Thursday in a week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Stockwell?
Stockwell conveyancing on leasehold apartments often necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to complete the sale of your home.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Stockwell conveyancing firm to act on my behalf?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Stockwell premises is 3 Tintern Street in February 2010. The tribunal had jurisdiction to make a decision on the price of the freehold of the subject premises and concluded that the premium should be £24,630.00 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 73.69 years.