Fixed-fee leasehold conveyancing in Woodford Green:

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Woodford 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 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
  • The total extent of the property. This will be the property itself but might include a roof space or cellar if appropriate.
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Woodford Green please enquire of your solicitor in ahead of your conveyancing in Woodford Green

    • 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?
  • Can they put you in touch with client in Woodford Green who can give a testimonial?

    • 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.
  • A minority of Woodford Green leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy formality and slows down many a Woodford Green conveyancing transaction. Where a new share is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • 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.

    Other Topics

    Lease Extensions in Woodford Green