Frequently asked questions relating to Tokyngton leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement apartment in Tokyngton.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is discharge the service charge 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 until 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.
What advice can you give us when it comes to choosing a Tokyngton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Tokyngton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Tokyngton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Tokyngton with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tokyngton can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Tokyngton leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the paperwork to hand do not communicate with the landlord without checking with your lawyer first.
If all goes to plan we aim to complete the sale of our £125000 maisonette in Tokyngton next week. The freeholder has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Tokyngton?
Tokyngton conveyancing on leasehold apartments usually involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are entitled invoice 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 over three hundred pounds, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Tokyngton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Tokyngton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tokyngton flat is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The the unexpired term as at the valuation date was 74 years.
What are the common deficiencies that you encounter in leases for Tokyngton properties?
Leasehold conveyancing in Tokyngton is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.