Guaranteed fixed fees for Leasehold Conveyancing in Upper Norwood

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Top Five Questions relating to Upper Norwood leasehold conveyancing

Due to exchange soon on a leasehold property in Upper Norwood. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Upper Norwood should include some of the following:

  • Whether the lease restricts you from subletting the property, or having a home office for business
  • You must be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Upper Norwood please ask your solicitor in advance of your conveyancing in Upper Norwood

    • I have just appointed agents to market my basement flat in Upper Norwood.Conveyancing has not commenced but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

    The sensible thing to do is pay 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am attracted to a couple of flats in Upper Norwood which have about forty five years left on the leases. should I be concerned?

    There are no two ways about it. A leasehold flat in Upper Norwood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Upper Norwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I've recently bought a leasehold house in Upper Norwood. 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. 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 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 Upper Norwood with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Upper Norwood can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
    • Many landlords or managing agents in Upper Norwood levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Upper Norwood.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Upper Norwood state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents in place you should not communicate with the landlord without checking with your solicitor first.
  • If you have had any disputes with your landlord 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 a dispute is unresolved. You may have to bite the bullet and discharge 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 particulars of the dispute to the buyers, but it is better to present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a re-issued share certificate can be a lengthy formality and slows down many a Upper Norwood conveyancing transaction. If a reissued share is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Upper Norwood. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most certainly. We can put you in touch with a Upper Norwood conveyancing firm who can help.

    An example of a Lease Extension case for a Upper Norwood property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The the unexpired residue of the current lease was 26.38 years.

    Other Topics

    Lease Extensions in Upper Norwood