Top Five Questions relating to West Ham leasehold conveyancing
Due to complete next month on a studio apartment in West Ham. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in West Ham should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Back In 2006, I bought a leasehold flat in West Ham. Conveyancing and Santander mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in West Ham who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a West Ham conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to choosing a West Ham conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a West Ham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non West Ham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions have they carried out in West Ham in the last 12 months?
All being well we will complete the sale of our £125000 flat in West Ham next week. The management company has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in West Ham?
West Ham conveyancing on leasehold apartments usually involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to sell the property.
We have reached the end of our tether in trying to reach an agreement for a lease extension in West Ham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension decision for a West Ham residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The remaining number of years on the lease was 69.77 years.
When it comes to leasehold conveyancing in West Ham what are the most common lease problems?
Leasehold conveyancing in West Ham is not unique. Most leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
Other Topics