Experts for Leasehold Conveyancing in Belsize Park

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When it comes to leasehold conveyancing in Belsize Park, you will need to chose a conveyancing lawyer with leasehold experience. Whether your lender is to be Halifax, RBS or NatWest be sure to find a lawyer on their approved list. Find a Belsize Park conveyancing lawyer with our search tool

Recently asked questions relating to Belsize Park leasehold conveyancing

Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Belsize Park. I now want to get lease extension but my landlord is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Belsize Park.

Estate agents have just been given the go-ahead to market my ground floor apartment in Belsize Park.Conveyancing is yet to be initiated but I have just received a 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 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 unless 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 am tempted by the attractive purchase price for a two flats in Belsize Park both have about fifty years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Belsize Park. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Belsize Park from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Belsize Park can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
  • Many freeholders or Management Companies in Belsize Park levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. 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 Belsize Park.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Belsize Park leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the paperwork in place do not communicate with the landlord without checking with your lawyer first.
  • A minority of Belsize Park leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.

    • Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Belsize Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a missing freeholder or where there is dispute 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 payable.

    An example of a Lease Extension decision for a Belsize Park premises is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The unexpired lease term was 16.83 and 16.43.

    What makes a Belsize Park lease problematic?

    There is nothing unique about leasehold conveyancing in Belsize Park. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in Belsize Park