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

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Old Malden, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Old Malden leasehold conveyancing Example Support Desk Enquiries

Planning to sign contracts shortly on a leasehold property in Old Malden. Conveyancing lawyers 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 Old Malden should include some of the following:

  • The total extent of the demise. This will be the property itself but may include a loft or basement if appropriate.
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Old Malden please ask your conveyancer in advance of your conveyancing in Old Malden

    • I am looking at a two flats in Old Malden which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

    What are your top tips when it comes to choosing a Old Malden conveyancing firm to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Old Malden conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Old Malden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • Can they put you in touch with client in Old Malden who can give a testimonial?
  • What are the charges for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Old Malden with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Old Malden can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
    • Many landlords or Management Companies in Old Malden charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Old Malden.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. 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 pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy process and frustrates many a Old Malden home move. Where a reissued share is necessary, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Old Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to decide the price payable.

    An example of a Lease Extension matter before the tribunal for a Old Malden 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 Old Malden lease unmortgageable?

    Leasehold conveyancing in Old Malden is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Halifax, Coventry Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.