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When it comes to leasehold conveyancing in Camberley, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Santander, RBS or Bradford & Bingley make sure you choose a lawyer on their approved list. Find a Camberley conveyancing lawyer with our search tool

Common questions relating to Camberley leasehold conveyancing

I am attracted to a couple of apartments in Camberley both have approximately 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Camberley. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

I am employed by a long established estate agency in Camberley where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Camberley conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Do you have any advice for leasehold conveyancing in Camberley with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Camberley can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
  • Many landlords or managing agents in Camberley levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Camberley.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Camberley state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance.
  • A minority of Camberley leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 buyers or their lawyers.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check 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 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Completion in due on our sale of a £400000 apartment in Camberley in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Camberley?

    Camberley conveyancing on leasehold apartments often necessitates the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded should you wish to sell the property.

    Are there frequently found deficiencies that you encounter in leases for Camberley properties?

    Leasehold conveyancing in Camberley is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are wrong. 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 property
    • 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 will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Camberley Leasehold Conveyancing - Sample of Queries Prior to Purchasing

      Who are the managing agents? This question is important as a) areas could result in problems in the block as the common areas may start to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to have full disclosure Best to be warned if changing the roof or some other major work is coming up that will be shared between the leaseholders and could well dramatically impact the level of the maintenance fees or necessitate a one off invoice.

    Other Topics

    Lease Extensions in Camberley