Questions and Answers: Colindale leasehold conveyancing
Due to exchange soon on a ground floor flat in Colindale. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Colindale should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Colindale. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Colindale are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Colindale so you should seriously consider shopping around for a Colindale 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 number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I've recently bought a leasehold property in Colindale. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What advice can you give us when it comes to appointing a Colindale conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Colindale conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Colindale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
All being well we will complete the disposal of our £325000 maisonette in Colindale next Wednesday . The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Colindale?
Colindale conveyancing on leasehold apartments usually involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are at liberty invoice 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 over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Colindale conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Lease Extension matter before the tribunal for a Colindale premises 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 term was 70.25 years.