Bounds Green leasehold conveyancing: Q and A’s
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bounds Green. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Bounds Green are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Bounds Green in which case you should be looking for a Bounds Green conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I am looking at a couple of maisonettes in Bounds Green which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bounds Green. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
I am a negotiator for a long established estate agent office in Bounds Green where we have experienced a few flat sales derailed as a result of short leases. I have received contradictory information from local Bounds Green conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 Bounds Green from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bounds Green can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Bounds Green state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor before hand.
We expect to complete our sale of a £250000 garden flat in Bounds Green on Friday in a week. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bounds Green?
Bounds Green conveyancing on leasehold apartments usually involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have had difficulty in negotiating a lease extension in Bounds Green. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to calculate the sum to be paid.
An example of a Lease Extension decision for a Bounds Green property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The unexpired lease term was 81.79 years.