Guaranteed fixed fees for Leasehold Conveyancing in Gidea Park

When it comes to leasehold conveyancing in Gidea Park, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Halifax, RBS or Bradford & Bingley make sure you find a lawyer on their panel. Find a Gidea Park conveyancing lawyer with our search tool

Top Five Questions relating to Gidea Park leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor flat in Gidea Park.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – Do I pay up?

It best that you discharge 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 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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Gidea Park. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Gidea Park ?

Most houses in Gidea Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Gidea Park in which case you should be shopping around for a Gidea Park conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As 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’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.

What advice can you give us when it comes to finding a Gidea Park conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Gidea Park conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Gidea Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

  • How familiar is the firm with lease extension legislation?
  • What volume of lease extensions have they completed in Gidea Park in the last 12 months?

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 flat in Gidea Park next Tuesday . The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Gidea Park?

    Gidea Park conveyancing on leasehold maisonettes usually necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.

    I am the registered owner of a garden flat in Gidea Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

    if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the amount due.

    An example of a Lease Extension decision for a Gidea Park flat 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 the number of years remaining on the existing lease(s) was 57.5 years.

    What makes a Gidea Park lease problematic?

    Leasehold conveyancing in Gidea Park is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Gidea Park