Estate agents have just been given the go-ahead to market my garden flat in Old Ford.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a two apartments in Old Ford both have approximately fifty years left on the leases. should I be concerned?

There are plenty of short leases in Old Ford. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Old Ford. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

Can you provide any top tips for leasehold conveyancing in Old Ford from the perspective of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Old Ford can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
• Many freeholders or Management Companies in Old Ford charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Old Ford.
• If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to 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 are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
• If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy process and slows down many a Old Ford conveyancing transaction. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Old Ford conveyancing firm to act on my behalf?

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

An example of a Freehold Enfranchisement case for a Old Ford property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.

Are there frequently found problems that you encounter in leases for Old Ford properties?

Leasehold conveyancing in Old Ford is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Old Ford - A selection of Queries before Purchasing

Be sure to enquire if the the lease contains any unreasonable restrictions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Old Ford. If you like the flatin Old Ford but your cat is not allowed to live with you then you will be faced hard determination. The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the leaseholders have control and notwithstanding that a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders.