New Southgate leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my garden apartment in New Southgate.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in New Southgate. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in New Southgate are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in New Southgate in which case you should be shopping around for a New Southgate 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 leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am looking at a couple of flats in New Southgate which have approximately fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in New Southgate is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with New Southgate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to choosing a New Southgate conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a New Southgate conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non New Southgate conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 garden flat in New Southgate next week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in New Southgate?
New Southgate conveyancing on leasehold apartments typically involves fees being raised by managing agents :
- Completing pre-exchange questions
- Where consent is required before sale in New Southgate
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a a ground floor purpose built flat in New Southgate. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most definitely. We are happy to put you in touch with a New Southgate conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal 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 related to 2 flats. The the unexpired term as at the valuation date was 70.31 years.
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