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Questions and Answers: Nunhead leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Nunhead. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Nunhead - then the leasehold title will always include the short particulars 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.

Expecting to sign contracts shortly on a ground floor flat in Nunhead. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?

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

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • The total extent of the premises. This will be the property itself but could also include a loft or cellar if appropriate.
  • Defining your rights in relation to common areas in the building.By way of example, does the lease provide for a right of way over a path or staircase?
  • Whether the lease restricts you from renting out the property, or having a home office for business
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Nunhead please ask your lawyer in ahead of your conveyancing in Nunhead

    • I am tempted by the attractive purchase price for a two flats in Nunhead which have about 50 years unexpired on the lease term. Will this present a problem?

    A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

    I am employed by a reputable estate agency in Nunhead where we have experienced a few flat sales derailed as a result of short leases. I have received contradictory information from local Nunhead conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

    Alternatively, it may be possible 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 provide any top tips for leasehold conveyancing in Nunhead with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Nunhead can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
    • Some Nunhead leases require Licence to Assign from the landlord. If this is the case, 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 financially capable of paying the annual 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 solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. 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 prior to 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 clearly preferable to present the dispute as over as opposed to unresolved.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Organising a duplicate share certificate is often a time consuming process and delays many a Nunhead home move. If a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) 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 advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore essential at an as soon as possible that you identify 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 had difficulty in trying to purchase the freehold in Nunhead. Can this matter be resolved via the Leasehold Valuation Tribunal?

    You certainly can. We can put you in touch with a Nunhead conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Nunhead premises is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case affected 3 flats. The unexpired lease term was 80.01 years.

    Other Topics

    Lease Extensions in Nunhead