Top Five Questions relating to North Woolwich leasehold conveyancing
I am hoping to sign contracts shortly on a ground floor flat in North Woolwich. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in North Woolwich should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I have just appointed agents to market my garden flat in North Woolwich.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 managing agents 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 seems to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in North Woolwich. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in North Woolwich are freehold rather than 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 apparent that you are purchasing in North Woolwich so you should seriously consider shopping around for a North Woolwich conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I work for a busy estate agent office in North Woolwich where we see a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local North Woolwich conveyancing firms. Please can you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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.
What advice can you give us when it comes to appointing a North Woolwich conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a North Woolwich conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non North Woolwich conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in North Woolwich. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a North Woolwich conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a North Woolwich flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired lease term was 69.77 years.