Guaranteed fixed fees for Leasehold Conveyancing in Buckhurst Hill

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When it comes to leasehold conveyancing in Buckhurst Hill, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, Birmingham Midshires or NatWest make sure you find a lawyer on their approved list. Find a Buckhurst Hill conveyancing lawyer with our search tool

Top Five Questions relating to Buckhurst Hill leasehold conveyancing

I have just appointed agents to market my ground floor flat in Buckhurst Hill.Conveyancing solicitors are to be appointed soon but I have just received a yearly 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 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.

My wife and I purchased a leasehold house in Buckhurst Hill. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Buckhurst Hill who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Buckhurst Hill conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Buckhurst Hill which have approximately fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Buckhurst Hill. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

I work for a reputable estate agent office in Buckhurst Hill where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Buckhurst Hill conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate 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 kick-start 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 needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 purchaser.

Do you have any top tips for leasehold conveyancing in Buckhurst Hill from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Buckhurst Hill can be avoided if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
  • Many freeholders or Management Companies in Buckhurst Hill levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Buckhurst Hill.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Buckhurst Hill state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you fail to have the consents in place you should not contact the landlord without contacting your lawyer in the first instance.
  • Some Buckhurst Hill leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • 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 lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Buckhurst Hill conveyancing firm to act on my behalf?

    Most certainly. We are happy to put you in touch with a Buckhurst Hill conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Buckhurst Hill premises 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 Buckhurst Hill