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Leasehold conveyancing in Collier Row is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Collier Row and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Collier Row leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Collier Row. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Collier Row - 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.

Planning to exchange soon on a garden flat in Collier Row. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Whether the lease restricts you from subletting the flat, or working from home
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Collier Row please enquire of your lawyer in ahead of your conveyancing in Collier Row

    • I have just started marketing my 2 bed flat in Collier Row.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

    It best that you 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 managing agents will not acknowledge the buyer until 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.

    Can you provide any top tips for leasehold conveyancing in Collier Row from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Collier Row can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Collier Row levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack 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 common cause of delay in leasehold conveyancing in Collier Row.
  • A minority of Collier Row leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous 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 resolve the dispute prior to completion of the sale. 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. 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 to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Collier Row conveyancing firm to represent me?

    You certainly can. We are happy to put you in touch with a Collier Row conveyancing firm who can help.

    An example of a Lease Extension case for a Collier Row premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.

    What makes a Collier Row lease unmortgageable?

    Leasehold conveyancing in Collier Row is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses 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 parts of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could 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. Lloyds TSB Bank, Virgin Money, and Barclays Direct all have very detailed 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, obliging the buyer to pull out.