I have just started marketing my basement flat in Elm Park.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear 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. 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 appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Elm Park. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Elm Park ?

The majority of houses in Elm Park are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Elm Park in which case you should be shopping around for a Elm Park conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.

Last month I purchased a leasehold house in Elm Park. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 am employed by a reputable estate agency in Elm Park where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Elm Park conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 475000 flat in Elm Park in 10 days. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Elm Park?

Elm Park conveyancing on leasehold flats usually necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to sell the property.

Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Elm Park. Can we issue an application to the Residential Property Tribunal Service?

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

An example of a Lease Extension decision for a Elm Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.

Leasehold Conveyancing in Elm Park - Sample of Queries Prior to buying

This question is important as a) areas may cause problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will want to have all the details