Bedford Park leasehold conveyancing: Q and A’s
Looking forward to sign contracts shortly on a leasehold property in Bedford Park. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Bedford Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I’m about to sell my ground floor flat in Bedford Park.Conveyancing has not commenced but I have just had a quarterly service charge demand – Do I pay up?
The sensible thing to do is pay 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 management companies 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 tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Bedford Park. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Bedford Park ?
Most houses in Bedford Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Bedford Park in which case you should be shopping around for a Bedford Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First 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 for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
What are your top tips when it comes to finding a Bedford Park conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Bedford Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Bedford Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
We expect to complete the sale of our £325000 flat in Bedford Park in 8 days. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bedford Park?
Bedford Park conveyancing on leasehold apartments often involves the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Bedford Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Bedford Park conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bedford Park flat is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case related to 2 flats. The unexpired term was 64.64 years.