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Holloway leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my 2 bed apartment in Holloway.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – what should I do?

The sensible thing to do is pay the invoice 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Holloway. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Holloway ?

The majority of houses in Holloway are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Holloway so you should seriously consider shopping around for a Holloway conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am employed by a reputable estate agency in Holloway where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Holloway conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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 top tips for leasehold conveyancing in Holloway with the intention of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Holloway can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Holloway leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer first.
  • A minority of Holloway leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any 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 buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a re-issued share certificate can be a time consuming formality and frustrates many a Holloway home move. Where a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • We expect to complete the sale of our £400000 apartment in Holloway in just under a week. The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Holloway?

    Holloway conveyancing on leasehold apartments more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no option but to pay whatever is demanded should you wish to sell the property.

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

    You certainly can. We are happy to put you in touch with a Holloway conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Holloway residence is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The the unexpired term as at the valuation date was 71 years.