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

Leasehold conveyancing in New Malden is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in New Malden and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to New Malden leasehold conveyancing

Looking forward to complete next month on a garden flat in New Malden. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • The physical extent of the property. This will be the flat itself but might incorporate a roof space or cellar if applicable.
  • Does the lease prohibit wood flooring?
  • 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.
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in New Malden please enquire of your solicitor in advance of your conveyancing in New Malden

  • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in New Malden. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in New Malden ?

    The majority of houses in New Malden are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in New Malden so you should seriously consider shopping around for a New Malden conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.

    I am looking at a couple of apartments in New Malden both have approximately fifty years unexpired on the leases. Will this present a problem?

    A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan 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 arena

    I've recently bought a leasehold property in New Malden. Do I have any liability for service charges relating to a period prior to my ownership?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any top tips for leasehold conveyancing in New Malden with the purpose of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in New Malden can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Some New Malden leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers 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 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 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 historic rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a New Malden conveyancing transaction. If a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • Despite our best endeavours, we have been unsuccessful in seeking a lease extension in New Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the premium.

    An example of a Lease Extension matter before the tribunal for a New Malden residence 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 affected 1 flat.

    Other Topics

    Lease Extensions in New Malden