Common questions relating to Goodmayes leasehold conveyancing
Expecting to exchange soon on a leasehold property in Goodmayes. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Goodmayes should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
Estate agents have just been given the go-ahead to market my 2 bed apartment in Goodmayes.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
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 management companies 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 looking at a two flats in Goodmayes both have about 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Goodmayes. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Goodmayes. Am I liable to pay service charges relating to a period prior to 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. 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).
Do you have any advice for leasehold conveyancing in Goodmayes with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Goodmayes can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority landlords or Management Companies in Goodmayes charge for supplying management packs for a leasehold property. 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 accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Goodmayes.
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Goodmayes. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Goodmayes conveyancing firm who can help.
An example of a Lease Extension case for a Goodmayes residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The the unexpired residue of the current lease was 61.36 years.