Frequently asked questions relating to Seven Sisters leasehold conveyancing
Expecting to exchange soon on a studio apartment in Seven Sisters. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Seven Sisters should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just appointed agents to market my basement apartment in Seven Sisters.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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 am tempted by the attractive purchase price for a two maisonettes in Seven Sisters which have approximately forty five years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
We expect to complete the disposal of our £450000 maisonette in Seven Sisters on Friday in a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Seven Sisters?
Seven Sisters conveyancing on leasehold flats usually necessitates administration charges invoiced by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Seven Sisters
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the leaseholder of a ground-floor 1960’s flat in Seven Sisters. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Absolutely. We are happy to put you in touch with a Seven Sisters conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Seven Sisters residence is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired term was 74.13 years.
What makes a Seven Sisters lease unmortgageable?
There is nothing unique about leasehold conveyancing in Seven Sisters. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.