Examples of recent questions relating to leasehold conveyancing in East Sheen
I have just appointed agents to market my 2 bed flat in East Sheen.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – what should I do?
The sensible thing to do is clear the invoice 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 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in East Sheen. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in East Sheen ?
Most houses in East Sheen are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in East Sheen in which case you should be shopping around for a East Sheen conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am looking at a two flats in East Sheen both have in the region of 50 years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
I work for a busy estate agency in East Sheen where we have witnessed a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local East Sheen conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 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 buyer.
Do you have any top tips for leasehold conveyancing in East Sheen with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in East Sheen can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in East Sheen state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your lawyer before hand.
We have reached the end of our tether in trying to purchase the freehold in East Sheen. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a East Sheen conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a East Sheen flat is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The the number of years remaining on the existing lease(s) was 66.25 years.