Top Five Questions relating to Woodford Green leasehold conveyancing
Expecting to exchange soon on a leasehold property in Woodford Green. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Woodford Green should include some of the following:
- You should receive a copy of the lease
I've recently bought a leasehold flat in Woodford Green. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am employed by a long established estate agent office in Woodford Green where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Woodford Green conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
Can you offer any advice when it comes to finding a Woodford Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Woodford Green conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Woodford Green conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Woodford Green with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Woodford Green can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or managing agents in Woodford Green levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought 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 usual reason for frustration in leasehold conveyancing in Woodford Green.
I am the proprietor of a ground-floor 1960’s flat in Woodford Green. In the absence of agreement between myself and the landlord, 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 Woodford Green conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Woodford Green residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The remaining number of years on the lease was 69.26 years.
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