Fixed-fee leasehold conveyancing in Chase Cross:

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Frequently asked questions relating to Chase Cross leasehold conveyancing

I have just appointed agents to market my basement apartment in Chase Cross.Conveyancing is yet to be initiated but I have just had a quarterly service 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've found a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Chase Cross. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Chase Cross ?

The majority of houses in Chase Cross are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Chase Cross in which case you should be looking for a Chase Cross conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am looking at a two maisonettes in Chase Cross both have approximately fifty years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a long established estate agency in Chase Cross where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Chase Cross conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Chase Cross can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
  • The majority landlords or Management Companies in Chase Cross charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for 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 frequent cause of frustration in leasehold conveyancing in Chase Cross.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Chase Cross leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the consents to hand you should not contact the landlord without checking with your conveyancer before hand.
  • 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 financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • We have reached the end of our tether in trying to purchase the freehold in Chase Cross. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most certainly. We can put you in touch with a Chase Cross conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The remaining number of years on the lease was 57.5 years.