Sunday 10 April 2011

Will leasehold conveyancing be impacted by the Peverel collapse ?

The holding companies behind Britain's biggest property manager – which maintains 190,000 homes, including most McCarthy & Stone retirement properties could impact conveyancing for the following reasons:

1) If redundancies are to be made, obtaining management information could become very difficult. In recent years it can take weeks to obtain crucial management information from Peverel. The time frames involved could be dramatically affected
2) Peverel are specifically named in some leases as a management company. If they go into administration the lease will have to be carefully looked at to see if the landlord is under an obligation to take over the management company’s responsibilities.
3) Many leasehold titles contain restrictions which can only be lifted or complied with where Peverel grant an appropriate letter of consent. It is exceptionally difficult (although no impossible) to register new purchaser of a property or a mew mortgage if the appropriate form of consent is not obtained. With lenders increasingly looking at turn around times for registration of title conveyancers need to be certain that the certificate of compliance will dealt with expeditiously.

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