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Recently asked questions relating to Colliers Wood leasehold conveyancing

Planning to sign contracts shortly on a basement flat in Colliers Wood. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Colliers Wood should include some of the following:

  • Whether the lease restricts you from letting out the flat, or working from home
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Colliers Wood please enquire of your solicitor in ahead of your conveyancing in Colliers Wood

  • Last month I purchased a leasehold property in Colliers Wood. Am I liable to pay service charges for periods before completion of my purchase?

    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. Strange as it may seem, 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 Colliers Wood conveyancing firm to deal with our lease extension?

    When appointing a solicitor for your lease extension (regardless if they are a Colliers Wood conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Colliers Wood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • If they are not ALEP accredited then what is the reason?
  • How many lease extensions has the firm completed in Colliers Wood in the last year?

  • Can you provide any advice for leasehold conveyancing in Colliers Wood with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Colliers Wood can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Colliers Wood state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Colliers Wood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a time consuming formality and frustrates many a Colliers Wood home move. Where a reissued 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 verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • We expect to complete the disposal of our £475000 maisonette in Colliers Wood in just under a week. The freeholder has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Colliers Wood?

    Colliers Wood conveyancing on leasehold flats often necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, 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 fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I am the leaseholder of a second floor flat in Colliers Wood. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?

    Absolutely. We are happy to put you in touch with a Colliers Wood conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Colliers Wood property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired lease term was 62.94 years.

    Other Topics

    Lease Extensions in Colliers Wood