Common questions relating to Tokyngton leasehold conveyancing
Estate agents have just been given the go-ahead to market my 2 bed apartment in Tokyngton.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?
It best that you clear 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 management companies will not acknowledge the buyer unless 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.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Tokyngton. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Tokyngton ?
Most houses in Tokyngton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Tokyngton in which case you should be shopping around for a Tokyngton conveyancing solicitor 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 tenant 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 conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Tokyngton both have approximately forty five years remaining on the leases. should I be concerned?
There are plenty of short leases in Tokyngton. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Tokyngton with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Tokyngton can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Tokyngton charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Tokyngton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £275000 garden flat in Tokyngton on Thursday in a week. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Tokyngton?
Tokyngton conveyancing on leasehold flats normally requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They may charge 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 £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a a ground floor purpose built flat in Tokyngton. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
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 unexpired term was 74 years.