Guaranteed fixed fees for Leasehold Conveyancing in Hampton Wick

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Hampton Wick leasehold conveyancing: Q and A’s

I am hoping to exchange soon on a leasehold property in Hampton Wick. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Hampton Wick should include some of the following:

  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Hampton Wick please ask your lawyer in advance of your conveyancing in Hampton Wick

  • I work for a busy estate agency in Hampton Wick where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Hampton Wick conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?

    Provided that the seller has been the owner 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    Can you offer any advice when it comes to choosing a Hampton Wick conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Hampton Wick conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Hampton Wick conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • How many lease extensions have they completed in Hampton Wick in the last year?
  • What are the legal fees for lease extension conveyancing?

  • Do you have any advice for leasehold conveyancing in Hampton Wick from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Hampton Wick can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Hampton Wick state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you dont have the consents to hand you should not contact the landlord without checking with your lawyer in the first instance.
  • Some Hampton Wick leases require Licence to Assign from the landlord. 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 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to pay 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 details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a replacement share certificate is often a lengthy process and slows down many a Hampton Wick home move. Where a new share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

  • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Hampton Wick conveyancing firm to assist?

    in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the sum to be paid.

    An example of a Lease Extension case for a Hampton Wick flat 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 Hampton Wick lease unmortgageable?

    Leasehold conveyancing in Hampton Wick is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. 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
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Virgin Money, and Platform Home Loans Ltd all have express 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 purchaser to withdraw.

    Other Topics

    Lease Extensions in Hampton Wick