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

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Belmont, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Belmont leasehold conveyancing

I have just started marketing my basement flat in Belmont.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – 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 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 hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Belmont. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Belmont are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Belmont in which case you should be shopping around for a Belmont conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.

Do you have any advice for leasehold conveyancing in Belmont with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Belmont can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
  • The majority freeholders or Management Companies in Belmont charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. 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 Belmont.
  • A minority of Belmont leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 there is a history of any disputes with your freeholder or managing agents it is essential 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 there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a re-issued share certificate can be a time consuming formality and delays many a Belmont home move. Where a reissued share is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • All being well we will complete our sale of a £300000 flat in Belmont on Friday in a week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Belmont?

    Belmont conveyancing on leasehold flats more often than not involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They are entitled charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Belmont conveyancing firm to act on my behalf?

    in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price.

    An example of a Freehold Enfranchisement matter before the tribunal for a Belmont property is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case affected 2 flats. The remaining number of years on the lease was 66.67 years.

    What makes a Belmont lease unacceptable for security purposes?

    Leasehold conveyancing in Belmont is not unique. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Aldermore all have very detailed 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 buyer to pull out.

    Other Topics

    Lease Extensions in Belmont