Sample questions relating to Angel leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Angel. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Angel are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Angel so you should seriously consider looking for a Angel conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
I am attracted to a two flats in Angel both have about 50 years unexpired on the lease term. should I be concerned?
A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I am employed by a long established estate agency in Angel where we see a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Angel conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Do you have any top tips for leasehold conveyancing in Angel with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Angel can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- The majority landlords or managing agents in Angel charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Angel.
Completion in due on the sale of our £250000 apartment in Angel next week. The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Angel?
Angel conveyancing on leasehold flats often involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Angel conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Angel conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Angel property 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 related to 4 flats. The the unexpired term as at the valuation date was 98 years.