Sample questions relating to Southgate leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Southgate. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Southgate - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Southgate. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Southgate are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Southgate in which case you should be looking for a Southgate conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold house in Southgate. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
I work for a long established estate agency in Southgate where we have witnessed a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Southgate conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 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 needs to be completed before, or simultaneously with completion of the sale.
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 buyer.
Do you have any top tips for leasehold conveyancing in Southgate with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Southgate can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Southgate state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the approvals in place do not contact the landlord without checking with your lawyer in advance.
We have reached the end of our tether in trying to purchase the freehold in Southgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Freehold Enfranchisement decision for a Southgate premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The unexpired term was 70.31 years.