Experts for Leasehold Conveyancing in Harold Wood

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Recently asked questions relating to Harold Wood leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Harold Wood. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and almost all are in Harold Wood - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I own a leasehold house in Harold Wood. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Harold Wood who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Harold Wood conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a busy estate agency in Harold Wood where we have experienced a few flat sales derailed as a result of short leases. I have received conflicting advice from local Harold Wood conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate 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 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

Can you provide any advice for leasehold conveyancing in Harold Wood with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Harold Wood can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • The majority landlords or Management Companies in Harold Wood charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Harold Wood.
  • Some Harold Wood leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a time consuming formality and slows down many a Harold Wood home move. If a reissued share is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • All being well we will complete our sale of a £475000 flat in Harold Wood in just under a week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Harold Wood?

    Harold Wood conveyancing on leasehold maisonettes more often than not requires the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.

    I have given up trying to purchase the freehold in Harold Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

    An example of a Lease Extension decision for a Harold Wood 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 related to 1 flat. The remaining number of years on the lease was 57.5 years.

    Other Topics

    Lease Extensions in Harold Wood