Frequently asked questions relating to Temple Fortune leasehold conveyancing
I am hoping to sign contracts shortly on a garden flat in Temple Fortune. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Temple Fortune should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am a negotiator for a reputable estate agent office in Temple Fortune where we have experienced a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Temple Fortune conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension formalities 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 start 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 simultaneously with completion of the disposal of the property.
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 buyer.
What advice can you give us when it comes to appointing a Temple Fortune conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Temple Fortune conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Temple Fortune conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- Can they put you in touch with client in Temple Fortune who can give a testimonial?
Do you have any advice for leasehold conveyancing in Temple Fortune from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Temple Fortune can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- The majority freeholders or managing agents in Temple Fortune charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Temple Fortune.
Completion in due on the disposal of our £500000 flat in Temple Fortune next week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Temple Fortune?
Temple Fortune conveyancing on leasehold apartments normally necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the leaseholder of a garden flat in Temple Fortune. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Absolutely. We can put you in touch with a Temple Fortune conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Temple Fortune property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 76 years.