Fixed-fee leasehold conveyancing in Merton Park:

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Recently asked questions relating to Merton Park leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Merton Park. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Merton Park - 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.

Having checked my lease I have discovered that there are only 72 years left on my lease in Merton Park. I am keen to get lease extension but my landlord is absent. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole a specialist may be useful to conduct investigations and prepare a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Merton Park.

I have just started marketing my basement apartment in Merton Park.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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.

Can you provide any top tips for leasehold conveyancing in Merton Park with the purpose of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Merton Park can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
  • The majority landlords or Management Companies in Merton Park charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Merton Park.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Merton Park state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you dont have the approvals in place you should not communicate with the landlord without contacting your lawyer in the first instance.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming process and delays many a Merton Park conveyancing transaction. Where a new share is needed, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is essential 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 property on the market for sale.

    • Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Merton Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Absolutely. We can put you in touch with a Merton Park conveyancing firm who can help.

    An example of a Lease Extension decision for a Merton Park premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The remaining number of years on the lease was 62.94 years.

    What makes a Merton Park lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Merton Park. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Merton Park