I have just started marketing my garden apartment in Gidea Park.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is 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. This will smooth the conveyancing process.

Last month I purchased a leasehold house in Gidea Park. Do I have any liability for service charges for periods before completion of my purchase?

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. 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 a negotiator for a reputable estate agency in Gidea Park where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Gidea Park conveyancing firms. Can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 need not have to wait 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 at the same time as 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.

Can you offer any advice when it comes to appointing a Gidea Park conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Gidea Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three 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 of use:

• If the firm is not ALEP accredited then why not?
• Can they put you in touch with client in Gidea Park who can give a testimonial?

Do you have any advice for leasehold conveyancing in Gidea Park with the aim of expediting the sale process?

• Much of the delay in leasehold conveyancing in Gidea Park can be avoided if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
• The majority landlords or Management Companies in Gidea Park levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Gidea Park.
• Some Gidea Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.
• If you hold a share in a the freehold, you should ensure that you have the original share document. Obtaining a new share certificate can be a lengthy formality and slows down many a Gidea Park conveyancing deal. If a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Gidea Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?

if there is a missing landlord or where there is dispute about the premium for a lease extension, 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 calculate the sum to be paid.

An example of a Lease Extension matter before the tribunal for a Gidea 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 remaining number of years on the lease was 57.5 years.

Gidea Park Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the lessees have being in charge if their destiny and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.