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Questions and Answers: Richmond leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Richmond. 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 99.9% are in Richmond - 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've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Richmond. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Richmond ?

The majority of houses in Richmond are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Richmond so you should seriously consider looking for a Richmond conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am employed by a busy estate agent office in Richmond where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Richmond conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension process 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.

Do you have any top tips for leasehold conveyancing in Richmond with the intention of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Richmond can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Richmond leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents in place you should not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Richmond leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important 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.

    • Are there frequently found deficiencies that you come across in leases for Richmond properties?

    There is nothing unique about leasehold conveyancing in Richmond. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • 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. Yorkshire Building Society, Skipton Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Richmond Leasehold Conveyancing - A selection of Queries Prior to Purchasing

      Is there a share of the freehold? Best to be warned whether a new roof is being installed or some other significant cost is due in the near future that will be shared amongst the leasehold owners and could well materially impact the level of the maintenance charges or necessitate a one time payment. The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and although a managing agent is often retained if the building is larger than a house conversion, the managing agent retained by the leaseholders.