Examples of recent questions relating to leasehold conveyancing in Bedford Park
Looking forward to complete next month on a ground floor flat in Bedford Park. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bedford Park should include some of the following:
- You should receive a copy of the lease
I have just started marketing my basement apartment in Bedford Park.Conveyancing is yet to be initiated but I have just received a quarterly service 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 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 am attracted to a couple of apartments in Bedford Park both have about fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Bedford Park. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold property in Bedford Park. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Bedford Park from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Bedford Park can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Bedford Park leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such alterations. Should you dont have the consents in place you should not contact the landlord without checking with your solicitor in the first instance.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Bedford Park conveyancing firm to represent me?
in cases where there is a absentee landlord or if there is disagreement 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 Leasehold Valuation Tribunal to arrive at the sum to be paid.
An example of a Freehold Enfranchisement case for a Bedford Park property 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 was in relation to 2 flats. The unexpired term was 64.64 years.