I have just started marketing my basement flat in Addiscombe.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 managing agents 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 am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Addiscombe. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Addiscombe are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Addiscombe so you should seriously consider shopping around for a Addiscombe conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.

I am looking at a couple of flats in Addiscombe both have in the region of 50 years remaining on the lease term. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Addiscombe. Do I have any liability for service charges for periods before completion of my purchase?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

All being well we will complete our sale of a £ 325000 apartment in Addiscombe in just under a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Addiscombe?

For most leasehold sales in Addiscombe conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Addiscombe
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Addiscombe leasehold premises is £350. For Addiscombe conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

We have reached the end of our tether in trying to purchase the freehold in Addiscombe. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most definitely. We can put you in touch with a Addiscombe conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Addiscombe flat is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The the unexpired term as at the valuation date was 98 years.

Addiscombe Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

What is the the remaining lease term? Where a Addiscombe lease has less than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are content with remaining years on the lease. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth discovering how much this will be. For most Addiscombelease extensions you would be be obliged to have been the owner of the premises for 24 months before you are legally able to extend the lease. The prefered form of lease structure is a share of the freehold. In this scenario the tenants have control and notwithstanding that a managing agent is often retained where the building is larger than a house conversion, the managing agent retained by the leaseholders.