Fixed-fee leasehold conveyancing in New Southgate:

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in New Southgate, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

New Southgate leasehold conveyancing: Q and A’s

I've found a house that seems to tick a lot of boxes, 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 house with a leasehold title in New Southgate. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in New Southgate ?

The majority of houses in New Southgate 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 New Southgate in which case you should be looking for a New Southgate conveyancing solicitor and be sure that they are used to dealing with 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 with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold house in New Southgate. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in New Southgate who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a New Southgate conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a reputable estate agent office in New Southgate where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local New Southgate conveyancing firms. Please can you confirm whether the seller of a flat can instigate 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Can you provide any top tips for leasehold conveyancing in New Southgate with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in New Southgate can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • The majority landlords or managing agents in New Southgate charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in New Southgate.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a New Southgate home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a garden flat in New Southgate. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?

    if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

    An example of a Freehold Enfranchisement case for a New Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 70.31 years.

    What makes a New Southgate lease defective?

    Leasehold conveyancing in New Southgate is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in New Southgate