Recently asked questions relating to Eel Pie Island leasehold conveyancing
Looking forward to complete next month on a garden flat in Eel Pie Island. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Eel Pie Island should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Eel Pie Island. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Eel Pie Island ?
Most houses in Eel Pie Island are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Eel Pie Island in which case you should be shopping around for a Eel Pie Island conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I am a negotiator for a busy estate agent office in Eel Pie Island where we have experienced a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Eel Pie Island conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as 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. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. 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.
Alternatively, it may be possible 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.
We expect to complete the disposal of our £400000 apartment in Eel Pie Island next week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Eel Pie Island?
Eel Pie Island conveyancing on leasehold flats nine out of ten times results in fees being invoiced by landlords agents :
- Answering pre-exchange questions
- Where consent is required before sale in Eel Pie Island
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Eel Pie Island. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Eel Pie Island conveyancing firm who can help.
An example of a Lease Extension decision for a Eel Pie Island residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The the unexpired term as at the valuation date was 60.45 years.
What makes a Eel Pie Island lease problematic?
Leasehold conveyancing in Eel Pie Island is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Aldermore 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 problematic they may refuse to provide security, obliging the purchaser to withdraw.