I am hoping to exchange soon on a garden flat in Emerson Park. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Emerson Park should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

I have just started marketing my ground floor apartment in Emerson Park.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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 unless 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 all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Emerson Park. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Emerson Park 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 buying in Emerson Park so you should seriously consider shopping around for a Emerson Park conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I work for a busy estate agency in Emerson Park where we have experienced a few flat sales put at risk due to short leases. I have received inconsistent advice from local Emerson Park conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

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

Most certainly. We can put you in touch with a Emerson Park conveyancing firm who can help.

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 related to 1 flat. The unexpired lease term was 57.5 years.

Are there frequently found deficiencies that you encounter in leases for Emerson Park properties?

There is nothing unique about leasehold conveyancing in Emerson Park. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Alliance & Leicester 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Other Topics

Lease Extensions in Emerson Park