Common questions relating to Colney Hatch leasehold conveyancing
I have just appointed agents to market my garden flat in Colney Hatch.Conveyancing has not commenced but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 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.
Back In 2006, I bought a leasehold house in Colney Hatch. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Colney Hatch who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Colney Hatch conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a reputable estate agent office in Colney Hatch where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Colney Hatch conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
What advice can you give us when it comes to finding a Colney Hatch conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Colney Hatch conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Colney Hatch conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Colney Hatch from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Colney Hatch can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or managing agents in Colney Hatch levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Colney Hatch.
Despite our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Colney Hatch. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Colney Hatch conveyancing firm who can help.
An example of a Lease Extension case for a Colney Hatch residence is 90 & 96 Poplar Grove in June 2013. It was held by the Tribunal that the premium to be paid for the new lease in respect of each of the flats referred should be £17,942 This case affected 2 flats. The the unexpired term as at the valuation date was 68 years.