Fixed-fee leasehold conveyancing in Wood Green:

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Wood Green, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Wood Green leasehold conveyancing

I have just appointed agents to market my 2 bed apartment in Wood Green.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Wood Green. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wood Green ?

The majority of houses in Wood Green are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Wood Green in which case you should be looking for a Wood Green 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 unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

Last month I purchased a leasehold house in Wood Green. 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

What are your top tips when it comes to choosing a Wood Green conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Wood Green conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Wood Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

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

    • Can you provide any advice for leasehold conveyancing in Wood Green from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wood Green can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • The majority freeholders or managing agents in Wood Green levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Wood Green.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Wood Green leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • A minority of Wood Green leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than ongoing.

    • I am the proprietor of a ground floor flat in Wood Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

    in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the sum to be paid.

    An example of a Lease Extension decision for a Wood Green residence 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 related to 1 flat. The unexpired term was 81.79 years.

    Other Topics

    Lease Extensions in Wood Green