Experts for Leasehold Conveyancing in Sanderstead

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

Top Five Questions relating to Sanderstead leasehold conveyancing

I am hoping to complete next month on a studio apartment in Sanderstead. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Defining your rights in relation to the communal areas in the building.For instance, does the lease permit a right of way over a path or hallways?
  • Whether your lease has a provision for a sinking fund?
  • 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.
  • 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 For details of the information to be included in your report on your leasehold property in Sanderstead please enquire of your lawyer in advance of your conveyancing in Sanderstead

    • Estate agents have just been given the go-ahead to market my ground floor flat in Sanderstead.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – what should I do?

    Your conveyancing lawyer is likely to suggest that you should pay 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 am a negotiator for a long established estate agent office in Sanderstead where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Sanderstead conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    Provided that 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. This means that the proposed purchaser 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 prior to, or simultaneously with completion of the sale.

    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 purchaser.

    Can you provide any top tips for leasehold conveyancing in Sanderstead from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Sanderstead 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.
    • The majority freeholders or Management Companies in Sanderstead charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Sanderstead.
  • Some Sanderstead leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Obtaining a re-issued share certificate is often a lengthy process and delays many a Sanderstead home move. Where a new share certificate is needed, do contact 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 you should double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I am the registered owner of a second floor flat in Sanderstead. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?

    if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the amount due.

    An example of a Freehold Enfranchisement decision for a Sanderstead premises is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The the unexpired residue of the current lease was 78.32 years.

    What are the frequently found deficiencies that you witness in leases for Sanderstead properties?

    Leasehold conveyancing in Sanderstead is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in Sanderstead