I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Chase Cross. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Chase Cross ?

The majority of houses in Chase Cross are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Chase Cross so you should seriously consider looking for a Chase Cross conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Chase Cross both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Chase Cross. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

What are your top tips when it comes to finding a Chase Cross conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Chase Cross conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Chase Cross conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How experienced is the firm with lease extension legislation?
• What are the charges for lease extension work?

Do you have any advice for leasehold conveyancing in Chase Cross with the purpose of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Chase Cross can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Chase Cross levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Chase Cross.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Chase Cross state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such works. Where you dont have the consents in place do not contact the landlord without checking with your solicitor before hand.
• If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a time consuming formality and delays many a Chase Cross conveyancing deal. Where a duplicate share is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 325000 maisonette in Chase Cross on Friday in a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Chase Cross?

Chase Cross conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little 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 to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Chase Cross conveyancing firm to act on my behalf?

if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the amount due.

An example of a Lease Extension case 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 remaining number of years on the lease was 57.5 years.

Chase Cross Leasehold Conveyancing - A selection of Queries Prior to buying

On the whole the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Chase Cross obliged leaseholders to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance.