Leasehold Conveyancing in Bowes Park - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Bowes Park leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Bowes Park. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Bowes Park - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I’m about to sell my garden flat in Bowes Park.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

It best that you 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 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. This will smooth the conveyancing process.

I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Bowes Park. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Bowes Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bowes Park so you should seriously consider shopping around for a Bowes Park conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.

I am attracted to a two apartments in Bowes Park both have about fifty years left on the leases. should I be concerned?

There are plenty of short leases in Bowes Park. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

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

if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price payable.

An example of a Lease Extension matter before the tribunal for a Bowes Park premises 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 number of years remaining on the existing lease(s) was 81.79 years.

Are there frequently found deficiencies that you come across in leases for Bowes Park properties?

There is nothing unique about leasehold conveyancing in Bowes Park. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain elements of the premises
  • Insurance obligations
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

Other Topics

Lease Extensions in Bowes Park