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Questions and Answers: Petersham leasehold conveyancing

I am hoping to exchange soon on a ground floor flat in Petersham. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

  • The physical extent of the demise. This will be the flat itself but may include a roof space or basement if appropriate.
  • You should be told what constitutes a Nuisance in the lease
  • Repair and maintenance of the flat
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Petersham please ask your solicitor in advance of your conveyancing in Petersham

    • I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Petersham. Conveyancing advisers have not yet been instructed. Will they explain the issues?

    The majority of houses in Petersham are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Petersham in which case you should be shopping around for a Petersham conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

    I am tempted by the attractive purchase price for a two maisonettes in Petersham both have approximately 50 years unexpired on the leases. Do I need to be concerned?

    There are plenty of short leases in Petersham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

    I work for a long established estate agency in Petersham where we have experienced a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Petersham conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?

    As long as 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 need not have to wait 2 years to extend their lease. 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.

    An alternative approach is 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.

    Do you have any top tips for leasehold conveyancing in Petersham from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Petersham can be avoided where you instruct 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.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Petersham state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance.
  • Some Petersham leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a new share certificate can be a lengthy process and slows down many a Petersham conveyancing transaction. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser'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 important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Petersham conveyancing firm to represent me?

    if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

    An example of a Lease Extension case for a Petersham flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The unexpired lease term was 60.45 years.

    Other Topics

    Lease Extensions in Petersham