Top Five Questions relating to Clapham leasehold conveyancing
I am in need of some leasehold conveyancing in Clapham. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Clapham - 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.
Planning to exchange soon on a leasehold property in Clapham. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Clapham should include some of the following:
- You should receive a copy of the lease
I am employed by a long established estate agent office in Clapham where we have experienced a number of flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Clapham conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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 simultaneously with 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 purchaser.
All being well we will complete our sale of a £250000 maisonette in Clapham in just under a week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Clapham?
For the majority of leasehold sales in Clapham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Clapham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Clapham conveyancing firm to act on my behalf?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Freehold Enfranchisement decision for a Clapham premises is 23 Chelsham Road in May 2013. the Tribunal found that the sum of £13,870.00 was payable for the freehold following a vestig order having been granted by Swansea County Court dated 1st March 2013 This case was in relation to 3 flats. The the number of years remaining on the existing lease(s) was 99 years.
When it comes to leasehold conveyancing in Clapham what are the most frequent lease problems?
Leasehold conveyancing in Clapham is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Barclays Direct 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 grant the mortgage, forcing the purchaser to pull out.