Streatham leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Streatham. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Streatham - then the leasehold title will always include the short particulars 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Streatham.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 management companies 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.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Streatham. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Streatham ?
Most houses in Streatham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Streatham so you should seriously consider shopping around for a Streatham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am a negotiator for a long established estate agent office in Streatham where we have witnessed a few leasehold sales put at risk due to short leases. I have been given conflicting advice from local Streatham conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Streatham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Streatham conveyancing firm who can help.
An example of a Lease Extension decision for a Streatham residence is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case affected 1 flat. The the number of years remaining on the existing lease(s) was 23.25 years.
In relation to leasehold conveyancing in Streatham what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Streatham. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. 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 building
- Insurance obligations
- 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Nottingham Building Society 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 defective they may refuse to provide security, forcing the purchaser to withdraw.