Frequently asked questions relating to Bounds Green leasehold conveyancing
I am hoping to complete next month on a basement flat in Bounds Green. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bounds Green should include some of the following:
- Setting out your rights in respect of common areas in the building.For example, does the lease include a right of way over a path or hallways?
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a 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 appointed. Will they explain the issues?
The majority of houses in Bounds Green are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Bounds Green in which case you should be looking for a Bounds Green conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
Back In 2001, I bought a leasehold flat in Bounds Green. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Bounds Green who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Bounds Green conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a reputable estate agency in Bounds Green where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Bounds Green conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate 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 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 purchaser.
All being well we will complete the sale of our £250000 garden flat in Bounds Green on Thursday in a week. The management company has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bounds Green?
Bounds Green conveyancing on leasehold maisonettes ordinarily involves administration charges raised by freeholders :
- Addressing pre-contract questions
- Where consent is required before sale in Bounds Green
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a second floor flat in Bounds Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, 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 assess the amount due.
An example of a Lease Extension case for a Bounds Green flat 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 affected 1 flat. The unexpired lease term was 81.79 years.