Sample questions relating to Tufnell Park leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement apartment in Tufnell Park.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is 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 management companies 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 hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Tufnell Park. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Tufnell Park ?
Most houses in Tufnell Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Tufnell Park in which case you should be looking for a Tufnell Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Tufnell Park which have about 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Tufnell Park. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold property in Tufnell Park. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, 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).
Completion in due on the disposal of our £300000 maisonette in Tufnell Park in 10 days. The management company has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Tufnell Park?
Tufnell Park conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
My wife and I have hit a brick wall in trying to purchase the freehold in Tufnell Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tufnell Park residence is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired term was 64.77 years.
Other Topics