Recently asked questions relating to New Barnet leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor apartment in New Barnet.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is pay 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 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in New Barnet. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in New Barnet ?
The majority of houses in New Barnet are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in New Barnet in which case you should be shopping around for a New Barnet conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in New Barnet both have in the region of fifty years remaining on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not 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 protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in New Barnet from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in New Barnet can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority landlords or managing agents in New Barnet levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in New Barnet.
Completion in due on the disposal of our £225000 flat in New Barnet on Wednesday in a week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in New Barnet?
New Barnet conveyancing on leasehold maisonettes usually results in administration charges raised by freeholders :
- Answering pre-contract enquiries
- Where consent is required before sale in New Barnet
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up trying to purchase the freehold in New Barnet. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension decision for a New Barnet premises is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The unexpired lease term was 76 years.