Experts for Leasehold Conveyancing in Harold Park

Leasehold conveyancing in Harold Park is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Harold Park and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Harold Park leasehold conveyancing Example Support Desk Enquiries

I am tempted by the attractive purchase price for a couple of maisonettes in Harold Park both have approximately 50 years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Harold 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. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 Harold Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 are your top tips when it comes to finding a Harold Park conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Harold Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Harold Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • What volume of lease extensions has the firm conducted in Harold Park in the last 12 months?
  • Can they put you in touch with client in Harold Park who can give a testimonial?

  • Can you provide any advice for leasehold conveyancing in Harold Park from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Harold Park can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Many freeholders or managing agents in Harold Park charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Harold Park.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Harold Park state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the consents to hand do not communicate with the landlord without contacting your lawyer before hand.
  • Some Harold Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a time consuming process and delays many a Harold Park conveyancing transaction. If a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

  • If all goes to plan we aim to complete our sale of a £125000 garden flat in Harold Park in 8 days. The landlords agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Harold Park?

    Harold Park conveyancing on leasehold flats usually requires the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.

    Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Harold Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Absolutely. We are happy to put you in touch with a Harold Park conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Harold 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 was in relation to 1 flat. The the unexpired term as at the valuation date was 57.5 years.

    What makes a Harold Park lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Harold Park. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • 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

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Harold Park