Recently asked questions relating to North West London leasehold conveyancing
I’m about to sell my basement apartment in North West London.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in North West London. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in North West London 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. It is clear that you are purchasing in North West London so you should seriously consider shopping around for a North West London conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a two maisonettes in North West London both have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in North West London. The lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I am a negotiator for a busy estate agency in North West London where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local North West London conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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.
If all goes to plan we aim to complete the disposal of our £400000 flat in North West London on Friday in a week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in North West London?
North West London conveyancing on leasehold apartments often necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I bought a 2 bed flat in North West London, conveyancing was carried out in 1999. How much will my lease extension cost? Equivalent properties in North West London with a long lease are worth £260,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2098
You have 74 years unexpired we estimate the price of your lease extension to be between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
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