Questions and Answers: Fortis Green leasehold conveyancing
I am hoping to exchange soon on a ground floor flat in Fortis Green. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fortis Green should include some of the following:
- The physical extent of the property. This will be the flat itself but might incorporate a roof space or cellar if applicable.
I have just started marketing my garden flat in Fortis Green.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – what should I do?
It best that you 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Fortis Green. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Fortis Green are freehold rather than 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 Fortis Green in which case you should be looking for a Fortis Green conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. 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 conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I've recently bought a leasehold house in Fortis Green. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee 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. It is an essential part 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 am employed by a reputable estate agency in Fortis Green where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Fortis Green conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means 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.
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 buyer.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Fortis Green conveyancing firm to help?
if there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a Fortis Green property is 21 St Matthews Court Coppetts Road in February 2013. the applicant applied to the Tribunal for a determination of the premium payable for a lease extension pursuant to Section 48 of the Leasehold Reform (Housing and Urban Development ) Act 1993. The tribunal therefore ordered that the premium was to be £13,267. This case related to 1 flat. The the unexpired residue of the current lease was 68 years.