Barnet leasehold conveyancing Example Support Desk Enquiries
Looking forward to complete next month on a basement flat in Barnet. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Barnet should include some of the following:
- Setting out your rights in relation to the communal areas in the building.E.G., does the lease permit a right of way over an accessway or hallways?
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Barnet. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Barnet are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Barnet so you should seriously consider shopping around for a Barnet conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am a negotiator for a long established estate agency in Barnet where we see a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Barnet conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 needs to be completed before, or at the same time as completion of the sale.
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.
Can you provide any advice for leasehold conveyancing in Barnet from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Barnet can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
- Many landlords or Management Companies in Barnet levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Barnet.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £250000 flat in Barnet next Friday . The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Barnet?
For the majority of leasehold sales in Barnet conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Barnet
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, 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 decide the sum to be paid.
An example of a Lease Extension case for a Barnet property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The unexpired lease term was 76 years.
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