I’m about to sell my 2 bed apartment in Addiscombe.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge 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 today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Addiscombe. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Addiscombe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Addiscombe so you should seriously consider shopping around for a Addiscombe conveyancing solicitor and check that they have experience in dealing with 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 to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

I am looking at a couple of flats in Addiscombe which have approximately forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Addiscombe is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Addiscombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any advice for leasehold conveyancing in Addiscombe from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Addiscombe can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Addiscombe state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor in advance.
• A minority of Addiscombe leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you hold a share in a the freehold, you should make sure that you have the original share document. Arranging a new share certificate is often a lengthy formality and delays many a Addiscombe home move. If a reissued share is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

All being well we will complete the disposal of our £ 425000 garden flat in Addiscombe in just under a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Addiscombe?

Addiscombe conveyancing on leasehold maisonettes nine out of ten times results in fees being levied by landlords agents :

• Answering pre-exchange questions
• Where consent is required before sale in Addiscombe
• Supplying insurance information
• 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 obliged to supply answers.

I am the registered owner of a second floor flat in Addiscombe. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the premium.

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 number of years remaining on the existing lease(s) was 98 years.

Addiscombe Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

The prefered form of lease structure is a share of the freehold. In this scenario the lessees have being in charge if their destiny and although a managing agent is usually employed if the building is larger than a house conversion, the managing agent is directed by the tenants.