Fixed-fee leasehold conveyancing in Chase Cross:

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Top Five Questions relating to Chase Cross leasehold conveyancing

I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Chase Cross. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Chase Cross ?

Most houses in Chase Cross are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Chase Cross so you should seriously consider looking for a Chase Cross conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I own a leasehold house in Chase Cross. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Chase Cross who previously acted has long since retired.Do I pay?

First make enquiries of HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Chase Cross conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am a negotiator for a long established estate agency in Chase Cross where we see a number of flat sales put at risk due to short leases. I have received conflicting advice from local Chase Cross conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 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 before, or at the same time as completion of the disposal of the property.

An alternative approach is 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.

Can you provide any top tips for leasehold conveyancing in Chase Cross from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Chase Cross can be reduced if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
  • A minority of Chase Cross leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is essential 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 will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Chase Cross home move. Where a new share is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • Having spent years of negotiations we cannot 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 definitely. We can put you in touch with a Chase Cross conveyancing firm who can help.

    An example of a Lease Extension case for a Chase Cross premises 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 term was 57.5 years.

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

    There is nothing unique about leasehold conveyancing in Chase Cross. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • 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

    You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.