Fixed-fee leasehold conveyancing in Wood Green:

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Frequently asked questions relating to Wood Green leasehold conveyancing

I am in need of some leasehold conveyancing in Wood Green. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Wood Green - then the leasehold title will always include the basic details 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.

Due to sign contracts shortly on a leasehold property in Wood Green. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Wood Green should include some of the following:

  • You should receive a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your legal entitlements in respect of common areas in the block.For instance, does the lease grant a right of way over an accessway or staircase?
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Wood Green please ask your lawyer in advance of your conveyancing in Wood Green

  • I have just appointed agents to market my basement apartment in Wood Green.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

    The sensible thing to do is 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 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. This will smooth the conveyancing process.

    I've recently bought a leasehold flat in Wood Green. Am I liable to pay service charges for periods before my ownership?

    In a situation where the service charge has already been demanded from the previous owner 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).

    Can you provide any advice for leasehold conveyancing in Wood Green with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Wood Green can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
    • The majority landlords or managing agents in Wood Green levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Wood Green.
  • Some Wood Green leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Organising a new share certificate is often a lengthy process and slows down many a Wood Green home move. Where a new share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

  • I have had difficulty in trying to reach an agreement for a lease extension in Wood Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the price.

    An example of a Lease Extension matter before the tribunal for a Wood Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The remaining number of years on the lease was 81.79 years.

    Other Topics

    Lease Extensions in Wood Green