Top Five Questions relating to Bedford Park leasehold conveyancing
I have just appointed agents to market my basement flat in Bedford Park.Conveyancing has not commenced but I have just had a quarterly service charge demand – Do I pay up?
It best that you 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 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 seems to tick a lot of boxes, at a great price which is making it more attractive. I have since found out 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 are soon to be instructed. Will they explain the issues?
Most houses in Bedford Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bedford Park in which case you should be looking for a Bedford Park conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority 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’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Bedford Park both have in the region of 50 years remaining on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
I am a negotiator for a reputable estate agency in Bedford Park where we have experienced a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Bedford Park conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bedford Park can be avoided if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- Many landlords or managing agents in Bedford Park levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bedford Park.
My wife and I have hit a brick wall in negotiating a lease extension in Bedford Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
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 premises 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 affected 2 flats. The the unexpired residue of the current lease was 64.64 years.