Top Five Questions relating to Smithfield leasehold conveyancing
I am in need of some leasehold conveyancing in Smithfield. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and almost all are in Smithfield - 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 wish to rent out my leasehold flat in Smithfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Smithfield conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to seek permission from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Planning to complete next month on a ground floor flat in Smithfield. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Smithfield should include some of the following:
- You should receive a copy of the lease
I’m about to sell my basement apartment in Smithfield.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
The sensible thing to do is 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.
Are there common deficiencies that you come across in leases for Smithfield properties?
Leasehold conveyancing in Smithfield is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed 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 problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I invested in buying a ground floor flat in Smithfield, conveyancing formalities finalised 2006. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Smithfield with a long lease are worth £261,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2086
With 65 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.