Experts for Leasehold Conveyancing in Norwood Green

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Leasehold conveyancing in Norwood Green is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Norwood Green and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

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.
  • Are pets allowed in the flat?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Norwood Green please enquire of your conveyancer in advance of your conveyancing in Norwood Green

    • 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.
  • Some Norwood Green leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The 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 buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • 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.

    Other Topics

    Lease Extensions in Norwood Green