Questions and Answers: Ilford leasehold conveyancing
Looking forward to sign contracts shortly on a ground floor flat in Ilford. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ilford should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed apartment in Ilford.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the service charge 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 management companies 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 work for a long established estate agent office in Ilford where we have experienced a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Ilford conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. The benefit of this is 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 prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
Do you have any advice for leasehold conveyancing in Ilford from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ilford can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
- The majority freeholders or Management Companies in Ilford levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for 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 frequent reason for frustration in leasehold conveyancing in Ilford.
All being well we will complete our sale of a £150000 garden flat in Ilford in 5 days. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Ilford?
For most leasehold sales in Ilford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Ilford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a ground floor flat in Ilford. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension matter before the tribunal for a Ilford property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.