Questions and Answers: Tottenham Hale leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Tottenham Hale. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Tottenham Hale should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Tottenham Hale. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Tottenham Hale are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Tottenham Hale in which case you should be shopping around for a Tottenham Hale conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am a negotiator for a reputable estate agency in Tottenham Hale where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Tottenham Hale conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities 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. The benefit of this is that the buyer 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 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 purchaser.
Do you have any top tips for leasehold conveyancing in Tottenham Hale from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Tottenham Hale can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Tottenham Hale state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you dont have the approvals in place do not communicate with the landlord without contacting your lawyer first.
All being well we will complete the sale of our £250000 maisonette in Tottenham Hale in just under a week. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Tottenham Hale?
Tottenham Hale conveyancing on leasehold apartments usually involves the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I inherited a second floor flat in Tottenham Hale. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
You certainly can. We can put you in touch with a Tottenham Hale conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Tottenham Hale flat 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 remaining number of years on the lease was 74.13 years.