Guaranteed fixed fees for Leasehold Conveyancing in Wood Green

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Examples of recent questions relating to leasehold conveyancing in Wood Green

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Wood Green. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wood Green ?

The majority of houses in Wood Green are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with 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 check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.

Last month I purchased a leasehold property in Wood Green. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation 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 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).

Can you offer any advice when it comes to choosing a Wood Green conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Wood Green conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Wood Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • If they are not ALEP accredited then why not?
  • How many lease extensions have they completed in Wood Green in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Wood Green with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wood Green can be avoided if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Wood Green leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the paperwork to hand do not communicate with the landlord without checking with your lawyer first.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride 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 prior to 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 better to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a new share certificate can be a time consuming process and delays many a Wood Green conveyancing deal. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Wood Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most certainly. We are happy to put you in touch with a Wood Green conveyancing firm who can help.

    An example of a Lease Extension case for a Wood Green property 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 the number of years remaining on the existing lease(s) was 81.79 years.

    What makes a Wood Green lease defective?

    There is nothing unique about leasehold conveyancing in Wood Green. Most leases are individual and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Royal Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Wood Green