Top Five Questions relating to Muswell Hill leasehold conveyancing
Estate agents have just been given the go-ahead to market my 2 bed apartment in Muswell Hill.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 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 be perfect, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Muswell Hill. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Muswell Hill 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 buying in Muswell Hill in which case you should be shopping around for a Muswell Hill conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
I am employed by a busy estate agent office in Muswell Hill where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Muswell Hill conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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 appointing a Muswell Hill conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Muswell Hill conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Muswell Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
All being well we will complete the disposal of our £275000 garden flat in Muswell Hill next Monday . The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Muswell Hill?
Muswell Hill conveyancing on leasehold apartments often requires the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They are at liberty charge a reasonable administration fee 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 cases it is above £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to sell the property.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Muswell Hill conveyancing firm to represent me?
Most certainly. We can put you in touch with a Muswell Hill conveyancing firm who can help.
An example of a Lease Extension case for a Muswell Hill premises is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 65.21 years.
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