Fixed-fee leasehold conveyancing in Chipstead:

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

Top Five Questions relating to Chipstead leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Chipstead. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and almost all are in Chipstead - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Due to complete next month on a garden flat in Chipstead. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Chipstead should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease prevent you from letting out the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Chipstead please ask your conveyancer in ahead of your conveyancing in Chipstead

    • I am attracted to a two apartments in Chipstead which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Chipstead. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

    I've recently bought a leasehold flat in Chipstead. Am I liable to pay service charges for periods before completion of my purchase?

    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 advice for leasehold conveyancing in Chipstead from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Chipstead can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • Many freeholders or Management Companies in Chipstead charge 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 on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chipstead.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Chipstead leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you fail to have the paperwork in place do not communicate with the landlord without contacting your lawyer in the first instance.
  • A minority of Chipstead 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 should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you consider 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 getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Chipstead conveyancing firm to assist?

    if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to decide the premium.

    An example of a Freehold Enfranchisement case for a Chipstead premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The remaining number of years on the lease was 75 years.

    Other Topics

    Lease Extensions in Chipstead