Manor Park leasehold conveyancing: Q and A’s
Planning to exchange soon on a ground floor flat in Manor Park. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Manor Park should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my basement apartment in Manor Park.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Manor Park. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Manor Park ?
The majority of houses in Manor Park are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Manor Park in which case you should be shopping around for a Manor Park conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required 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 work for a long established estate agency in Manor Park where we have experienced a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Manor Park conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 buyer.
Can you offer any advice when it comes to finding a Manor Park conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Manor Park conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Manor Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions has the firm conducted in Manor Park in the last 12 months?
Having spent months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Manor Park. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension decision for a Manor Park premises is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case affected 2 flats. The unexpired lease term was 65.5 years.