Fixed-fee leasehold conveyancing in Shacklewell:

Leasehold conveyancing in Shacklewell 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 Shacklewell and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Shacklewell leasehold conveyancing

I have just started marketing my ground floor apartment in Shacklewell.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay 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 work for a reputable estate agent office in Shacklewell where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Shacklewell conveyancing solicitors. Please can you clarify whether the vendor of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

Can you provide any top tips for leasehold conveyancing in Shacklewell from the perspective of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Shacklewell can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Shacklewell charge for providing management packs for a leasehold homes. 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 obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Shacklewell.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Shacklewell state that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such changes. If you fail to have the paperwork in place do not communicate with the landlord without checking with your conveyancer before hand.
  • A minority of Shacklewell 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 obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 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 can be a time consuming process and frustrates many a Shacklewell home move. If a reissued share is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

  • Completion in due on the sale of our £225000 flat in Shacklewell in 10 days. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Shacklewell?

    Shacklewell conveyancing on leasehold maisonettes normally requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    My wife and I have hit a brick wall in trying to purchase the freehold in Shacklewell. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most definitely. We are happy to put you in touch with a Shacklewell conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Shacklewell flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The the unexpired term as at the valuation date was 80.5 years.

    What makes a Shacklewell lease problematic?

    There is nothing unique about leasehold conveyancing in Shacklewell. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.