Recently asked questions relating to Old Oak Common leasehold conveyancing
Due to sign contracts shortly on a studio apartment in Old Oak Common. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Old Oak Common should include some of the following:
- Are you allowed to have a pet in the flat?
Last month I purchased a leasehold house in Old Oak Common. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
What advice can you give us when it comes to choosing a Old Oak Common conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Old Oak Common conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Old Oak Common conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Old Oak Common with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Old Oak Common can be avoided where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
- Some Old Oak Common leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 solicitors.
We expect to complete our sale of a £250000 garden flat in Old Oak Common in nine days. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Old Oak Common?
For the majority of leasehold sales in Old Oak Common conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Old Oak Common
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Old Oak Common conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Old Oak Common conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Old Oak Common flat is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case related to 2 flats. The remaining number of years on the lease was 68.47 years.