Experts for Leasehold Conveyancing in Coombe

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Coombe, 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 Coombe leasehold conveyancing

I have just appointed agents to market my garden flat in Coombe.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is discharge 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 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've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Coombe. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Coombe ?

Most houses in Coombe are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Coombe in which case you should be looking for a Coombe conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.

I am attracted to a couple of apartments in Coombe both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Coombe. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Coombe from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Coombe can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
  • Some Coombe 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 put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a re-issued share certificate can be a lengthy formality and slows down many a Coombe home move. Where a duplicate share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is important at an early stage 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 attempted and failed to negotiate with my landlord to extend my lease without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Coombe conveyancing firm to act on my behalf?

    in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to make a decision on the price payable.

    An example of a Lease Extension matter before the tribunal for a Coombe property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.

    What makes a Coombe lease unmortgageable?

    Leasehold conveyancing in Coombe is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses 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 premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Aldermore 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, forcing the buyer to pull out.