West Drayton leasehold conveyancing Example Support Desk Enquiries
Due to sign contracts shortly on a basement flat in West Drayton. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in West Drayton should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I work for a long established estate agency in West Drayton where we have experienced a number of flat sales derailed as a result of short leases. I have received conflicting advice from local West Drayton conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
What advice can you give us when it comes to finding a West Drayton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a West Drayton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non West Drayton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in West Drayton from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in West Drayton can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? West Drayton leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the approvals in place do not communicate with the landlord without contacting your lawyer first.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in West Drayton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a West Drayton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a West Drayton property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired lease term was 69 years.
When it comes to leasehold conveyancing in West Drayton what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in West Drayton. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd 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 provide security, forcing the purchaser to withdraw.