Leasehold Conveyancing in Streatham Vale - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Streatham Vale, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Streatham Vale leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Streatham Vale. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Streatham Vale ?

The majority of houses in Streatham Vale are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Streatham Vale so you should seriously consider shopping around for a Streatham Vale conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Streatham Vale both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Streatham Vale. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Streatham Vale from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Streatham Vale can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Streatham Vale levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Streatham Vale.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming formality and frustrates many a Streatham Vale conveyancing transaction. If a new share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • If all goes to plan we aim to complete our sale of a £500000 apartment in Streatham Vale next week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Streatham Vale?

    Streatham Vale conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are entitled charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    When it comes to leasehold conveyancing in Streatham Vale what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Streatham Vale. Most 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 property
    • Insurance obligations
    • 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. Accord Mortgages Ltd, Virgin Money, and Barclays Direct all have express requirements 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, obliging the purchaser to withdraw.

    Leasehold Conveyancing in Streatham Vale - Examples of Queries Prior to Purchasing

      It is important to be aware whether changing the roof or some other significant cost is coming up to be shared amongst the tenants and may well dramatically impact the level of the service fees or necessitate a one time payment. You should want to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Don't be afraid to ask other people what they think of their service. In conclusion, be sure you understand the dates that the service fees are due to the managing agents and precisely how they are spending the funds. How is the lease structured?

    Other Topics

    Lease Extensions in Streatham Vale