Frequently asked questions relating to Chase Cross leasehold conveyancing
I have just started marketing my ground floor apartment in Chase Cross.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?
It best that you pay 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. This will smooth the conveyancing process.
I am a negotiator for a busy estate agency in Chase Cross where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Chase Cross conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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.
What are your top tips when it comes to choosing a Chase Cross conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Chase Cross conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Chase Cross conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Chase Cross from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Chase Cross can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
- Many landlords or managing agents in Chase Cross levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought 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 frequent reason for frustration in leasehold conveyancing in Chase Cross.
We expect to complete the disposal of our £375000 flat in Chase Cross in 10 days. The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous 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 flats more often than not requires the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They may levy a reasonable charge 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 situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chase Cross. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Chase Cross conveyancing firm who can help.
An example of a Lease Extension decision for a Chase Cross residence 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 related to 1 flat. The the unexpired residue of the current lease was 57.5 years.