Questions and Answers: Brent Park leasehold conveyancing
I am hoping to complete next month on a ground floor flat in Brent Park. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Brent Park should include some of the following:
- You should receive a copy of the lease
I’m about to sell my basement flat in Brent Park.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you 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 unless 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 today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Brent Park. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of 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 assist with the conveyancing process. it is apparent that you are buying in Brent Park so you should seriously consider looking for a Brent Park conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I work for a reputable estate agency in Brent Park where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Brent Park conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 needs to be completed before, 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 top tips for leasehold conveyancing in Brent Park from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Brent Park can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority freeholders or Management Companies in Brent Park charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Brent Park.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Brent Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee 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 Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Freehold Enfranchisement case for a Brent Park property 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 term as at the valuation date was 73.14 years.