Examples of recent questions relating to leasehold conveyancing in Tokyngton
I am hoping to sign contracts shortly on a studio apartment in Tokyngton. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Tokyngton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Last month I purchased a leasehold property in Tokyngton. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to appointing a Tokyngton conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Tokyngton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Tokyngton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Tokyngton with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Tokyngton can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers conveyancers.
- The majority landlords or managing agents in Tokyngton levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Tokyngton.
Completion in due on our sale of a £275000 flat in Tokyngton on Monday in a week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Tokyngton?
Tokyngton conveyancing on leasehold apartments often necessitates the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be content to assist. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I have had difficulty in trying to purchase the freehold in Tokyngton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. 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 affected 1 flat. The the unexpired term as at the valuation date was 74 years.