Sample questions relating to Harlesden leasehold conveyancing
Looking forward to sign contracts shortly on a garden flat in Harlesden. Conveyancing lawyers have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Harlesden should include some of the following:
- Defining your legal entitlements in relation to common areas in the building.By way of example, does the lease provide for a right of way over an accessway or hallways?
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
- You should have a good understanding of the insurance provisions
- Changes to the flat (alterations and additions)
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- Responsibility for repairing the window frames
- What the implications are if you breach a clause of your lease?
I am attracted to a two apartments in Harlesden which have approximately 50 years unexpired on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Harlesden. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element 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 work for a long established estate agent office in Harlesden where we see a few flat sales derailed due to short leases. I have been given conflicting advice from local Harlesden conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
We expect to complete the disposal of our £ 325000 flat in Harlesden next Monday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Harlesden?
Harlesden conveyancing on leasehold flats normally involves administration charges levied by landlords agents :
- Answering pre-exchange enquiries
- Where consent is required before sale in Harlesden
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Harlesden. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Harlesden conveyancing firm who can help.
An example of a Lease Extension case for a Harlesden premises is First Floor Flat 2B Fortune Gate Road in May 2013. the tribunal decided that the price payable for the lease extension was £9,331, together with £900 in respect of outstanding ground rent. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 74.31 years.
I bought a 1 bedroom flat in Harlesden, conveyancing formalities finalised in 2006. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Harlesden with a long lease are worth £205,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2105
With just 79 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.