Common questions relating to Norwood Green leasehold conveyancing
I am hoping to sign contracts shortly on a ground floor flat in Norwood Green. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Norwood Green should include some of the following:
- The physical extent of the property. This will be the property itself but could also include a loft or basement if applicable.
I have just started marketing my 2 bed flat in Norwood Green.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?
The sensible thing to do is clear 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two apartments in Norwood Green both have approximately fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Norwood Green. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I work for a long established estate agency in Norwood Green where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Norwood Green conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Norwood Green with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Norwood Green can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or managing agents in Norwood Green charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information 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 common cause of frustration in leasehold conveyancing in Norwood Green.
I own a ground-floor 1950’s flat in Norwood Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the amount due.
An example of a Freehold Enfranchisement case 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 the unexpired residue of the current lease was 72.39 years.