Estate agents have just been given the go-ahead to market my basement apartment in Wooburn Green.Conveyancing has not commenced but I have just had a quarterly service charge invoice – Do I pay up?

The sensible thing to do is clear the service charge 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 managing agents will not acknowledge the buyer until 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've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Wooburn Green. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Wooburn Green ?

The majority of houses in Wooburn Green are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Wooburn Green so you should seriously consider shopping around for a Wooburn Green conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.

I am employed by a reputable estate agency in Wooburn Green where we have experienced a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local Wooburn Green conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities 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. The benefit of this is 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 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225000 maisonette in Wooburn Green next week. The landlords agents has quoted £348 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Wooburn Green?

Wooburn Green conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to sell the property.

In relation to leasehold conveyancing in Wooburn Green what are the most common lease defects?

Leasehold conveyancing in Wooburn Green is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that 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 property
• 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

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and TSB all have very detailed 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 provide security, obliging the buyer to pull out.

Leasehold Conveyancing in Wooburn Green - Sample of Queries before Purchasing

You will want to find out as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. Ask prospective neighbours what they think of their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. Are there any major works anticipated that will likely add a premium to the service fees? How many of the leaseholders are in arrears for their service charge payments?

Other Topics

Lease Extensions in Wooburn Green