I have just appointed agents to market my basement flat in Lisson Grove.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 management companies will not acknowledge the buyer until 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Lisson Grove. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

The majority of houses in Lisson Grove are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Lisson Grove so you should seriously consider shopping around for a Lisson Grove conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am looking at a two apartments in Lisson Grove which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Lisson Grove. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

I am a negotiator for a reputable estate agent office in Lisson Grove where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Lisson Grove conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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.

Do you have any advice for leasehold conveyancing in Lisson Grove with the purpose of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Lisson Grove can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
• Many landlords or Management Companies in Lisson Grove levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. 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 Lisson Grove.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Lisson Grove state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the paperwork in place do not contact the landlord without contacting your lawyer first.
• A minority of Lisson Grove leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice 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 annual 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a replacement share certificate can be a time consuming process and slows down many a Lisson Grove conveyancing transaction. Where a reissued share certificate is needed, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.

After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Lisson Grove. Can we issue an application to the Residential Property Tribunal Service?

Most definitely. We are happy to put you in touch with a Lisson Grove conveyancing firm who can help.

An example of a Lease Extension decision for a Lisson Grove flat is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The remaining number of years on the lease was 24.02 years.

Lisson Grove Conveyancing for Leasehold Flats - A selection of Queries before buying

Best to be warned whether redecorating or some other major work is due shortly that will be shared between the tenants and will materially increase the the maintenance charges or require a one time payment. Is anyone aware of any major works anticipated that will likely increase the service fees? Please note that where the lease has less than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out what this would cost. For most Lisson Grovelease extensions you will be required to have been the owner of the property for 24 months before you are entitled to extend the lease.