Recently asked questions relating to Colindale leasehold conveyancing
I have just started marketing my garden flat in Colindale.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 management companies 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.
Last month I purchased a leasehold property in Colindale. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a busy estate agent office in Colindale where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Colindale conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner 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. This means 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 before, or at the same time as completion of the sale.
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 Colindale with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Colindale can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- The majority freeholders or Management Companies in Colindale levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Colindale.
Completion in due on the sale of our £275000 flat in Colindale on Thursday in a week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Colindale?
For the majority of leasehold sales in Colindale conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Colindale
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Colindale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Colindale conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Colindale residence is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The unexpired lease term was 70.25 years.