Guaranteed fixed fees for Leasehold Conveyancing in Gidea Park

Get a Quote

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Gidea Park, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Gidea Park

Planning to complete next month on a studio apartment in Gidea Park. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Gidea Park should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Setting out your legal entitlements in relation to common areas in the building.For instance, does the lease permit a right of way over a path or staircase?
  • Does the lease prohibit wood flooring?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Gidea Park please ask your conveyancer in advance of your conveyancing in Gidea Park

    • Back In 2005, I bought a leasehold flat in Gidea Park. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Gidea Park who acted for me is not around.Any advice?

    First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Gidea Park conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am employed by a long established estate agency in Gidea Park where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Gidea Park conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?

    As long as the seller has owned the lease 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. The benefit of this is 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 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 buyer.

    Can you provide any top tips for leasehold conveyancing in Gidea Park from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Gidea Park can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Gidea Park state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. If you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • A minority of Gidea Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate can be a time consuming process and slows down many a Gidea Park conveyancing transaction. If a new share is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Gidea Park conveyancing firm to act on my behalf?

    if there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.

    An example of a Lease Extension case for a Gidea Park residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the unexpired term as at the valuation date was 57.5 years.

    What makes a Gidea Park lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Gidea Park. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Barclays Direct all have very detailed requirements 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 withdraw.

    Other Topics

    Lease Extensions in Gidea Park