Leasehold Conveyancing in Harold Wood - Get a Quote from the leasehold experts approved by your lender

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Common questions relating to Harold Wood leasehold conveyancing

I am on look out for some leasehold conveyancing in Harold Wood. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Harold Wood - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Harold Wood. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Harold Wood ?

Most houses in Harold Wood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Harold Wood so you should seriously consider shopping around for a Harold Wood conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Harold Wood both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold flat in Harold Wood. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Harold Wood with the purpose of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Harold Wood can be bypassed if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers solicitors.
  • Many freeholders or Management Companies in Harold Wood levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Harold Wood.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Harold Wood leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such changes. If you fail to have the paperwork to hand you should not contact the landlord without contacting your conveyancer in advance.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle 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 purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I am the proprietor of a second floor flat in Harold Wood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?

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

    An example of a Lease Extension case for a Harold Wood property 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 was in relation to 1 flat. The the unexpired term as at the valuation date was 57.5 years.

    Other Topics

    Lease Extensions in Harold Wood