The Hale leasehold conveyancing: Q and A’s
Looking forward to sign contracts shortly on a studio apartment in The Hale. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in The Hale should include some of the following:
- The total extent of the premises. This will be the flat itself but could also include a loft or cellar if appropriate.
I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in The Hale. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in The Hale ?
Most houses in The Hale are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in The Hale so you should seriously consider shopping around for a The Hale conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
Can you provide any advice for leasehold conveyancing in The Hale from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in The Hale can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- A minority of The Hale 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 put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £250000 flat in The Hale next Friday . The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in The Hale?
For most leasehold sales in The Hale conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in The Hale
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up seeking a lease extension in The Hale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension decision for a The Hale flat is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case affected 1 flat. The remaining number of years on the lease was 71.55 years.
In relation to leasehold conveyancing in The Hale what are the most common lease defects?
Leasehold conveyancing in The Hale is not unique. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Yorkshire Building Society, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.