Top Five Questions relating to Crouch End leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Crouch End. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Crouch End ?
Most houses in Crouch End are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Crouch End in which case you should be shopping around for a Crouch End 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. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Crouch End both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Crouch End. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to choosing a Crouch End conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Crouch End conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Crouch End conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Crouch End with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Crouch End can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Crouch End levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Crouch End.
Completion in due on our sale of a £450000 maisonette in Crouch End next week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Crouch End?
Crouch End conveyancing on leasehold flats normally involves the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are at liberty charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the registered owner of a two-bedroom flat in Crouch End. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the price payable.
An example of a Lease Extension case for a Crouch End residence is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case related to 1 flat. The remaining number of years on the lease was 67.85 years.