Top Five Questions relating to Yiewsley leasehold conveyancing
I have just appointed agents to market my basement apartment in Yiewsley.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you discharge the invoice 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 management companies will not acknowledge the buyer unless 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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Yiewsley. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Yiewsley are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Yiewsley in which case you should be looking for a Yiewsley conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I am a negotiator for a long established estate agency in Yiewsley where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Yiewsley conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
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 proposed purchaser 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 at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Can you offer any advice when it comes to choosing a Yiewsley conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Yiewsley conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Yiewsley 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:
- Can they put you in touch with client in Yiewsley who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Yiewsley from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Yiewsley can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
- Many landlords or managing agents in Yiewsley charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Yiewsley.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Yiewsley conveyancing firm to assist?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to make a decision on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Yiewsley flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired term was 69 years.