Common questions relating to Upton leasehold conveyancing
Planning to sign contracts shortly on a garden flat in Upton. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Upton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just appointed agents to market my basement apartment in Upton.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
It best that you discharge the invoice 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 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. This will smooth the conveyancing process.
I work for a long established estate agent office in Upton where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Upton conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you provide any top tips for leasehold conveyancing in Upton with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Upton can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Upton state that internal structural changes or installing wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the consents in place do not communicate with the landlord without contacting your solicitor first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in Upton in six days. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Upton?
Upton conveyancing on leasehold flats typically results in fees being raised by managing agents :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Upton
- Supplying insurance information
- 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 to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Upton conveyancing firm to act on my behalf?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension decision for a Upton property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The the unexpired term as at the valuation date was 76 years.