Top Five Questions relating to West Wickham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in West Wickham. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in West Wickham - 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in West Wickham. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in West Wickham ?
Most houses in West Wickham are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in West Wickham in which case you should be shopping around for a West Wickham conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I work for a busy estate agency in West Wickham where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local West Wickham conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 maisonette in West Wickham in seven days. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in West Wickham?
West Wickham conveyancing on leasehold flats normally requires the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.
Having spent months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in West Wickham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a West Wickham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a West Wickham premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The the unexpired residue of the current lease was 76.75 and 88.83.
Are there frequently found defects that you encounter in leases for West Wickham properties?
There is nothing unique about leasehold conveyancing in West Wickham. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have express requirements 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 buyer to pull out.