Experts for Leasehold Conveyancing in Cricklewood

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Examples of recent questions relating to leasehold conveyancing in Cricklewood

I own a leasehold house in Cricklewood. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Cricklewood who acted for me is not around.What should I do?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Cricklewood conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of maisonettes in Cricklewood both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Cricklewood from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Cricklewood can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
  • The majority freeholders or managing agents in Cricklewood levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Cricklewood.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Cricklewood leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. If you fail to have the approvals to hand do not communicate with the landlord without checking with your solicitor before hand.
  • A minority of Cricklewood leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £150000 flat in Cricklewood next week. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Cricklewood?

    Cricklewood conveyancing on leasehold apartments usually requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I have given up trying to purchase the freehold in Cricklewood. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

    An example of a Freehold Enfranchisement case for a Cricklewood residence is 73 and 73a St. Pauls Avenue in October 2013. the Tribunal held in accordance with section32 and Schedule 6 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the enfranchisement was fifty three thousand three hundred and sixty one pounds (£53,361.00) This case affected 2 flats. The the unexpired term as at the valuation date was 64.61 and 67.18.

    When it comes to leasehold conveyancing in Cricklewood what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Cricklewood. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Cricklewood