Common questions relating to Upper Clapton leasehold conveyancing
I am on look out for some leasehold conveyancing in Upper Clapton. Before diving in I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Upper Clapton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Upper Clapton. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Upper Clapton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Upper Clapton so you should seriously consider looking for a Upper Clapton conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.
Last month I purchased a leasehold flat in Upper Clapton. Do I have any liability for service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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 provide any top tips for leasehold conveyancing in Upper Clapton with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Upper Clapton can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- Many freeholders or Management Companies in Upper Clapton charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Upper Clapton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350000 flat in Upper Clapton in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Upper Clapton?
For the majority of leasehold sales in Upper Clapton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Upper Clapton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Upper Clapton conveyancing firm to help?
Most certainly. We can put you in touch with a Upper Clapton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Upper Clapton residence is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired term was 59 years.