I have just started marketing my garden flat in Noak Hill.Conveyancing has not commenced but I have just received a quarterly service charge invoice – Do I pay up?

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. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of flats in Noak Hill which have about 50 years unexpired on the leases. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to finding a Noak Hill conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Noak Hill conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Noak Hill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions have they completed in Noak Hill in the last 12 months?

Can they put you in touch with client in Noak Hill who can give a testimonial?

If all goes to plan we aim to complete the sale of our £475000 garden flat in Noak Hill next week. The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Noak Hill?

For the majority of leasehold sales in Noak Hill conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Noak Hill
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Noak Hill leasehold premises is £350. For Noak Hill conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I am the proprietor of a first floor flat in Noak Hill. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?

Absolutely. We are happy to put you in touch with a Noak Hill conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Noak Hill property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the unexpired residue of the current lease was 57.5 years.

Are there common deficiencies that you come across in leases for Noak Hill properties?

There is nothing unique about leasehold conveyancing in Noak Hill. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

Other Topics

Lease Extensions in Noak Hill