Leasehold Conveyancing in Chalk Farm - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Chalk Farm, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , RBS or NatWest make sure you choose a lawyer on their panel. Find a Chalk Farm conveyancing lawyer with our search tool

Chalk Farm leasehold conveyancing: Q and A’s

Expecting to complete next month on a garden flat in Chalk Farm. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Chalk Farm should include some of the following:

  • Setting out your rights in respect of common areas in the block.For example, does the lease grant a right of way over a path or hallways?
  • Whether the lease restricts you from renting out the property, or working from home
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Chalk Farm please enquire of your lawyer in advance of your conveyancing in Chalk Farm

    • I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Chalk Farm. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Chalk Farm ?

    Most houses in Chalk Farm are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Chalk Farm in which case you should be looking for a Chalk Farm conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.

    I've recently bought a leasehold property in Chalk Farm. Am I liable to pay service charges for periods before my ownership?

    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 be sure 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).

    I am employed by a reputable estate agent office in Chalk Farm where we have experienced a number of flat sales derailed due to short leases. I have received conflicting advice from local Chalk Farm conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

    As long as 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 proposed purchaser 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 prior to, or simultaneously with completion of the sale.

    An alternative approach is 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 Chalk Farm from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Chalk Farm can be reduced where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
    • Many landlords or Management Companies in Chalk Farm levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Chalk Farm.
  • A minority of Chalk Farm leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a re-issued share certificate is often a lengthy process and slows down many a Chalk Farm home move. If a duplicate share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • My wife and I have hit a brick wall in negotiating a lease extension in Chalk Farm. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.

    An example of a Lease Extension case for a Chalk Farm property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The remaining number of years on the lease was 64.77 years.

    Other Topics

    Lease Extensions in Chalk Farm