Experts for Leasehold Conveyancing in Buckhurst Hill

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Buckhurst Hill, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Buckhurst Hill leasehold conveyancing: Q and A’s

I have just appointed agents to market my garden apartment in Buckhurst Hill.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – Do I pay up?

It best that you pay 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 management companies will not acknowledge the buyer until 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.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Buckhurst Hill. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Buckhurst Hill ?

Most houses in Buckhurst Hill are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Buckhurst Hill so you should seriously consider looking for a Buckhurst Hill conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.

I've recently bought a leasehold flat in Buckhurst Hill. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Buckhurst Hill with the purpose of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Buckhurst Hill can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
  • The majority landlords or managing agents in Buckhurst Hill charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Buckhurst Hill.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Buckhurst Hill state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in advance.
  • Some Buckhurst Hill leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming formality and delays many a Buckhurst Hill home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Buckhurst Hill conveyancing firm to act on my behalf?

    Absolutely. We are happy to put you in touch with a Buckhurst Hill conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Buckhurst Hill property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The the unexpired term as at the valuation date was 69.26 years.

    When it comes to leasehold conveyancing in Buckhurst Hill what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Buckhurst Hill. Most leases are unique and drafting errors 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 property
    • A duty to insure the building
    • 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 may have 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. Birmingham Midshires, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Buckhurst Hill