Experts for Leasehold Conveyancing in Grahame Park

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Grahame Park, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Grahame Park leasehold conveyancing: Q and A’s

I have just appointed agents to market my 2 bed flat in Grahame Park.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?

The sensible thing to do is 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 management companies 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.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Grahame Park. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Grahame Park ?

Most houses in Grahame Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Grahame Park in which case you should be shopping around for a Grahame Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a two flats in Grahame Park both have in the region of fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Grahame Park is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Grahame Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What advice can you give us when it comes to finding a Grahame Park conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Grahame Park conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Grahame 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:

  • How experienced is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Grahame Park from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Grahame Park can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Grahame Park leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor in advance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 clearly preferable to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Obtaining a re-issued share certificate is often a lengthy formality and frustrates many a Grahame Park conveyancing transaction. If a duplicate share certificate is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Grahame Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the premium.

    An example of a Freehold Enfranchisement case for a Grahame Park property is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case related to 2 flats. The the unexpired term as at the valuation date was 71.5 years.

    Other Topics

    Lease Extensions in Grahame Park