Leasehold Conveyancing in Norwood Green - Get a Quote from the leasehold experts approved by your lender

Any conveyancing practice can theoretically handle your leasehold conveyancing in Norwood Green, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Norwood Green

I am in need of some leasehold conveyancing in Norwood Green. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Norwood Green - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Frank (my husband) and I may need to sub-let our Norwood Green ground floor flat temporarily due to a career opportunity. We instructed a Norwood Green conveyancing firm in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?

Some leases for properties in Norwood Green do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am tempted by the attractive purchase price for a couple of apartments in Norwood Green both have in the region of 50 years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Norwood Green is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 property 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 Norwood Green 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

I've recently bought a leasehold flat in Norwood Green. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Norwood Green with the intention of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Norwood Green can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • Many freeholders or Management Companies in Norwood Green levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Norwood Green.
  • A minority of Norwood Green leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate is often a time consuming process and frustrates many a Norwood Green home move. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • I have given up trying to purchase the freehold in Norwood Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the price.

    An example of a Freehold Enfranchisement decision for a Norwood Green property is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term was 72.39 years.

    Other Topics

    Lease Extensions in Norwood Green