Estate agents have just been given the go-ahead to market my 2 bed apartment in Bayswater.Conveyancing solicitors are to be appointed soon but I have just had a quarterly 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bayswater. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Bayswater are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Bayswater in which case you should be shopping around for a Bayswater conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant 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 carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

I am a negotiator for a reputable estate agent office in Bayswater where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Bayswater conveyancing firms. Please can you clarify whether the owner of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Bayswater from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bayswater can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
• Many landlords or Management Companies in Bayswater charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Bayswater.

Completion in due on our sale of a £325000 maisonette in Bayswater in just under a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Bayswater?

Bayswater conveyancing on leasehold flats normally requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.

I have had difficulty in trying to purchase the freehold in Bayswater. Can the Leasehold Valuation Tribunal adjudicate on premiums?

in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price.

An example of a Lease Extension decision for a Bayswater property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The unexpired term was 37.79 years.

Other Topics

Lease Extensions in Bayswater