Fixed-fee leasehold conveyancing in South Woodford:

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Recently asked questions relating to South Woodford leasehold conveyancing

I have just started marketing my ground floor flat in South Woodford.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you pay 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 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 today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in South Woodford. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in South Woodford ?

Most houses in South Woodford 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 South Woodford so you should seriously consider shopping around for a South Woodford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.

I've recently bought a leasehold house in South Woodford. Am I liable to pay service charges for periods before my ownership?

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. Strange as it may seem, 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 South Woodford with the purpose of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in South Woodford can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
  • The majority landlords or managing agents in South Woodford levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in South Woodford.
  • Some South Woodford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a re-issued share certificate can be a time consuming process and frustrates many a South Woodford home move. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an early stage that you consider 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 attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a South Woodford conveyancing firm to act on my behalf?

    if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the amount due.

    An example of a Lease Extension matter before the tribunal for a South Woodford premises is 135 Maybank Road in January 2013. The Tribunal determined that the price to be paid by the tenants for the grant of a new lease is £10,592 This case related to 1 flat. The remaining number of years on the lease was 71.2 years.

    What makes a South Woodford lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in South Woodford. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, 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 grant the mortgage, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in South Woodford