Examples of recent questions relating to leasehold conveyancing in Surrey Quays
I am on look out for some leasehold conveyancing in Surrey Quays. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Surrey Quays - 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.
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Surrey Quays. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Surrey Quays ?
The majority of houses in Surrey Quays are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Surrey Quays in which case you should be looking for a Surrey Quays conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am employed by a reputable estate agency in Surrey Quays where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Surrey Quays conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. 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.
Alternatively, it may be possible 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 purchaser.
Can you provide any advice for leasehold conveyancing in Surrey Quays with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Surrey Quays can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority freeholders or managing agents in Surrey Quays charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Surrey Quays.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Surrey Quays. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Freehold Enfranchisement decision for a Surrey Quays residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The the unexpired term as at the valuation date was 101.61 years.
What are the common defects that you encounter in leases for Surrey Quays properties?
Leasehold conveyancing in Surrey Quays is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.