Common questions relating to North Ockendon leasehold conveyancing
Looking forward to complete next month on a leasehold property in North Ockendon. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in North Ockendon should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my garden apartment in North Ockendon.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is 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 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 appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in North Ockendon. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in North Ockendon are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in North Ockendon so you should seriously consider looking for a North Ockendon conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I am a negotiator for a busy estate agency in North Ockendon where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local North Ockendon conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 buyer.
Can you provide any advice for leasehold conveyancing in North Ockendon with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in North Ockendon can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the buyers lawyers.
- A minority of North Ockendon leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in North Ockendon. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a North Ockendon conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a North Ockendon residence 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 was in relation to 1 flat. The the unexpired term as at the valuation date was 57.5 years.