Brent Park leasehold conveyancing: Q and A’s
Due to sign contracts shortly on a garden flat in Brent Park. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Brent Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just appointed agents to market my basement apartment in Brent Park.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is 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 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Brent Park. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Brent Park ?
Most houses in Brent Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Brent Park so you should seriously consider looking for a Brent Park conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am employed by a busy estate agent office in Brent Park where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Brent Park conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to choosing a Brent Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Brent Park conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Brent Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Brent Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Brent Park conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Brent Park premises is 7 Craven Park in June 2009. The tribunal considered it unnecessary to value the garage as an independent investment or to value each flat separately, providing that the marriage value calculation uses only the participating flats. Accordingly, the price determined by the Tribunal was £41,140 This case related to 5 flats. The the unexpired residue of the current lease was 73.14 years.