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Sample questions relating to Highams Park leasehold conveyancing

I am in need of some leasehold conveyancing in Highams Park. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Highams Park - then the leasehold title will always include the short particulars 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 am looking at a two maisonettes in Highams Park both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Highams 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 value of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 a residence 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 Highams 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.

Last month I purchased a leasehold property in Highams Park. Am I liable to pay service charges for periods before my ownership?

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. Strange as it may seem, 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).

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

  • A significant proportion of the frustration in leasehold conveyancing in Highams Park can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Highams Park leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the approvals to hand do not communicate with the landlord without checking with your solicitor in the first instance.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Organising a duplicate share certificate is often a time consuming formality and slows down many a Highams Park home move. Where a reissued share certificate is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an as soon as possible 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.

    • If all goes to plan we aim to complete the disposal of our £150000 flat in Highams Park next Tuesday . The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Highams Park?

    Highams Park conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be willing to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    Having spent years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Highams Park. Can we issue an application to the Residential Property Tribunal Service?

    in cases where there is a missing landlord or if there is dispute 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 make a decision on the price.

    An example of a Freehold Enfranchisement matter before the tribunal for a Highams Park property is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case affected 2 flats. The unexpired term was 104 years.

    Other Topics

    Lease Extensions in Highams Park