Common questions relating to Coulsdon leasehold conveyancing
I’m about to sell my ground floor flat in Coulsdon.Conveyancing has not commenced but I have just received a quarterly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies will not acknowledge the buyer unless 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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Coulsdon. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Coulsdon ?
Most houses in Coulsdon are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Coulsdon in which case you should be looking for a Coulsdon conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a two apartments in Coulsdon both have in the region of 50 years remaining on the leases. should I be concerned?
There are plenty of short leases in Coulsdon. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I work for a reputable estate agent office in Coulsdon where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Coulsdon conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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.
Can you offer any advice when it comes to finding a Coulsdon conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Coulsdon conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Coulsdon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm carried out in Coulsdon in the last 12 months?
We have reached the end of our tether in trying to purchase the freehold in Coulsdon. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Coulsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Coulsdon property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The remaining number of years on the lease was 75 years.