Leasehold Conveyancing in Southgate - Get a Quote from the leasehold experts approved by your lender

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

Questions and Answers: Southgate leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor apartment in Southgate.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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. This will smooth the conveyancing process.

I am attracted to a couple of maisonettes in Southgate which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. It is often 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 advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Southgate. Am I liable to pay service charges for periods before completion of my purchase?

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. A critical element 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 am a negotiator for a reputable estate agent office in Southgate where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Southgate conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done before, or simultaneously with completion of the disposal of the property.

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 offer any advice when it comes to choosing a Southgate conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Southgate conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Southgate conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Southgate who can give a testimonial?

  • I have given up trying to purchase the freehold in Southgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Absolutely. We can put you in touch with a Southgate conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 70.31 years.

    Other Topics

    Lease Extensions in Southgate