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Examples of recent questions relating to leasehold conveyancing in Worcester Park

I’m about to sell my 2 bed flat in Worcester Park.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – Do I pay up?

It best that you clear 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 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 hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Worcester Park. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Worcester Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Worcester Park so you should seriously consider shopping around for a Worcester Park conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

Can you offer any advice when it comes to finding a Worcester Park conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Worcester Park conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Worcester Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Worcester Park who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Worcester Park with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Worcester Park can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
    • Many landlords or managing agents in Worcester Park levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Worcester Park.
  • Some Worcester Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a time consuming formality and frustrates many a Worcester Park conveyancing deal. If a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Worcester Park conveyancing firm to act on my behalf?

    You certainly can. We can put you in touch with a Worcester Park conveyancing firm who can help.

    An example of a Lease Extension decision for a Worcester Park flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The the number of years remaining on the existing lease(s) was 60.43 years.

    What makes a Worcester Park lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Worcester Park. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Worcester Park