I am in need of some leasehold conveyancing in Parsons Green. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Parsons Green - 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.

I have just appointed agents to market my garden flat in Parsons Green.Conveyancing has not commenced but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?

It best that you discharge the service charge 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 managing agents 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.

I work for a reputable estate agency in Parsons Green where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Parsons Green conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Parsons Green from the perspective of expediting the sale process?

• Much of the delay in leasehold conveyancing in Parsons Green can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
• The majority landlords or managing agents in Parsons Green charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding 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 common reason for frustration in leasehold conveyancing in Parsons Green.
• If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
• If you hold a share in a the Management Company, you should make sure that you hold the original share document. Organising a duplicate share certificate can be a lengthy process and slows down many a Parsons Green conveyancing transaction. If a new share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is 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.

We have reached the end of our tether in trying to purchase the freehold in Parsons Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

An example of a Freehold Enfranchisement case for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case affected 2 flats. The the number of years remaining on the existing lease(s) was 93 years and 162 years.

What makes a Parsons Green lease problematic?

Leasehold conveyancing in Parsons Green is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

Parsons Green Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

It would be wise to investigate if the the lease includes any adverse restrictions in the lease. For instance it is fairly common in Parsons Green leases that pets are not permitted in in a block in Parsons Green. If you love the apartmentin Parsons Green yet your dog is not allowed to move with you then you have a very difficult compromise.