Experts for Leasehold Conveyancing in Bounds Green

Get a Quote

While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Bounds Green, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Bounds Green leasehold conveyancing

I have just started marketing my 2 bed flat in Bounds Green.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – what should I do?

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.

I own a leasehold house in Bounds Green. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Bounds Green who previously acted has now retired.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Bounds Green conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I've recently bought a leasehold property in Bounds Green. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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. A critical element 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 offer any advice when it comes to choosing a Bounds Green conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Bounds Green conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Bounds Green conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

  • Can they put you in touch with client in Bounds Green who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Bounds Green from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Bounds Green can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or managing agents in Bounds Green levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bounds Green.
  • A minority of Bounds Green leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat 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 purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a ground floor flat in Bounds Green. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?

    in cases where there is a missing freeholder or where there is dispute 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 First-tier Tribunal (Property Chamber) to decide the amount due.

    An example of a Lease Extension decision for a Bounds Green residence 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 was in relation to 1 flat. The the unexpired term as at the valuation date was 81.79 years.