Fixed-fee leasehold conveyancing in Chase Cross:

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Examples of recent questions relating to leasehold conveyancing in Chase Cross

My husband and I may need to rent out our Chase Cross ground floor flat temporarily due to taking a sabbatical. We instructed a Chase Cross conveyancing practice in 2001 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Chase Cross do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I work for a long established estate agency in Chase Cross where we have witnessed a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Chase Cross conveyancing firms. Please can you clarify whether the seller of a flat can instigate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 prior to, 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 buyer.

Can you provide any top tips for leasehold conveyancing in Chase Cross with the aim of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Chase Cross can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
  • Many landlords or Management Companies in Chase Cross charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Chase Cross.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Chase Cross state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the approvals to hand do not contact the landlord without contacting your solicitor in advance.
  • Some Chase Cross leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Organising a replacement share certificate is often a lengthy process and slows down many a Chase Cross home move. Where a new share is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • If all goes to plan we aim to complete the sale of our £325000 maisonette in Chase Cross in just under a week. The managing agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Chase Cross?

    Chase Cross conveyancing on leasehold maisonettes normally involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality one has no option but to pay whatever is requested of you if you want to sell the property.

    I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Chase Cross conveyancing firm to assist?

    You certainly can. We are happy to put you in touch with a Chase Cross conveyancing firm who can help.

    An example of a Lease Extension decision for a Chase Cross flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired lease term was 57.5 years.

    When it comes to leasehold conveyancing in Chase Cross what are the most frequent lease problems?

    Leasehold conveyancing in Chase Cross is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.