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

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Frequently asked questions relating to Colyers leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Colyers. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Colyers - then the leasehold title will always include the basic details 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.

I’m about to sell my 2 bed flat in Colyers.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – what should I do?

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 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. This will smooth the conveyancing process.

I work for a busy estate agency in Colyers where we see a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Colyers conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

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 buyer.

What advice can you give us when it comes to appointing a Colyers conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Colyers conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Colyers 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:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions has the firm conducted in Colyers in the last year?

    • Can you provide any top tips for leasehold conveyancing in Colyers from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Colyers can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Colyers leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Should you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor in advance.
  • A minority of Colyers 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 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 landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge 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 present the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a first flat in Colyers. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

    Most certainly. We are happy to put you in touch with a Colyers conveyancing firm who can help.

    An example of a Lease Extension case for a Colyers flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The the number of years remaining on the existing lease(s) was 76 years.