Emerson Park leasehold conveyancing: Q and A’s
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Emerson Park. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Emerson Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Emerson Park so you should seriously consider looking for a Emerson Park conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.
I work for a reputable estate agency in Emerson Park where we have experienced a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Emerson Park conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
Can you offer any advice when it comes to appointing a Emerson Park conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Emerson Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Emerson Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If the firm is not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Emerson Park with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Emerson Park can be avoided where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or Management Companies in Emerson Park charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Emerson Park.
All being well we will complete the sale of our £250000 maisonette in Emerson Park in just under a week. The management company has quoted £396 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Emerson Park?
Emerson Park conveyancing on leasehold flats normally necessitates the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
My wife and I have hit a brick wall in negotiating a lease extension in Emerson Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to arrive at the premium.
An example of a Lease Extension case for a Emerson Park residence 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 affected 1 flat. The unexpired term was 57.5 years.