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Top Five Questions relating to Kingsland leasehold conveyancing

Estate agents have just been given the go-ahead to market my garden flat in Kingsland.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 unless 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 am tempted by the attractive purchase price for a couple of apartments in Kingsland which have in the region of forty five years left on the lease term. should I be concerned?

There are plenty of short leases in Kingsland. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold house in Kingsland. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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 be sure 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).

What advice can you give us when it comes to finding a Kingsland conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Kingsland conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Kingsland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then why not?
  • What are the charges for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Kingsland from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Kingsland can be reduced where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Kingsland leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the paperwork in place do not communicate with the landlord without contacting your lawyer first.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you have the original share document. Arranging a new share certificate can be a time consuming process and frustrates many a Kingsland home move. Where a new share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • We have reached the end of our tether in seeking a lease extension in Kingsland. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most certainly. We can put you in touch with a Kingsland conveyancing firm who can help.

    An example of a Lease Extension case for a Kingsland residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The unexpired lease term was 80.5 years.

    Other Topics

    Lease Extensions in Kingsland