I have just started marketing my 2 bed apartment in Bedford Park.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold house in Bedford Park. Conveyancing and Godiva Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Bedford Park who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Bedford Park conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Bedford Park which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Bedford Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bedford Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I work for a long established estate agent office in Bedford Park where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Bedford Park conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 prior to, or simultaneously with completion of the disposal of the property.

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 buyer.

Do you have any advice for leasehold conveyancing in Bedford Park from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Bedford Park can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
• The majority landlords or Management Companies in Bedford Park levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Bedford Park.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Bedford Park state that internal structural changes or installing wooden flooring require a licence from the Landlord acquiescing to such changes. If you fail to have the consents in place you should not communicate with the landlord without checking with your conveyancer in the first instance.
• Some Bedford Park leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a new share certificate is often a time consuming formality and delays many a Bedford Park conveyancing transaction. If a duplicate share is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.

Despite our best efforts, we have been unsuccessful in seeking a lease extension in Bedford Park. Can this matter be resolved via the Leasehold Valuation Tribunal?

Most certainly. We are happy to put you in touch with a Bedford Park conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Bedford Park residence 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 the unexpired term as at the valuation date was 64.64 years.

Bedford Park Leasehold Conveyancing - Examples of Queries before buying

It is important to be aware if a new roof is being put on or some other significant cost is pending that will be shared by the leaseholders and may well dramatically impact the level of the maintenance fees or result in a one time payment.