Eastcote leasehold conveyancing: Q and A’s
I’m about to sell my basement flat in Eastcote.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – Do I pay up?
The sensible thing to do is clear the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Eastcote. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Eastcote are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Eastcote so you should seriously consider looking for a Eastcote conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Last month I purchased a leasehold property in Eastcote. Am I liable to pay service charges for periods before my ownership?
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. A critical element 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).
I work for a long established estate agency in Eastcote where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Eastcote conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as 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 proposed purchaser can avoid having 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 purchaser.
Can you provide any advice for leasehold conveyancing in Eastcote with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Eastcote can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Eastcote leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such alterations. Should you dont have the paperwork in place do not contact the landlord without checking with your conveyancer in the first instance.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Eastcote conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a Eastcote conveyancing firm who can help.
An example of a Lease Extension decision for a Eastcote flat is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The unexpired lease term was 53.26 years.