Fixed-fee leasehold conveyancing in Sanderstead:

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Recently asked questions relating to Sanderstead leasehold conveyancing

I am on look out for some leasehold conveyancing in Sanderstead. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Sanderstead - then the leasehold title will always include the basic details 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.

Due to complete next month on a leasehold property in Sanderstead. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • You should be told what constitutes a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • 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
  • What options are open to you if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Sanderstead please enquire of your lawyer in advance of your conveyancing in Sanderstead

    • I am looking at a two apartments in Sanderstead both have in the region of forty five years remaining on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Sanderstead is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sanderstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I am a negotiator for a reputable estate agent office in Sanderstead where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Sanderstead conveyancing solicitors. Could you clarify whether the owner of a flat can instigate 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.

    An alternative approach is 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 buyer.

    Do you have any advice for leasehold conveyancing in Sanderstead with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Sanderstead can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
    • The majority freeholders or Management Companies in Sanderstead levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Sanderstead.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Sanderstead leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the paperwork in place you should not communicate with the landlord without checking with your conveyancer in the first instance.
  • If you hold a share in a the Management Company, you should make sure that you have the original share document. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Sanderstead conveyancing transaction. If a new share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) 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 to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential 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 inherited a a ground floor purpose built flat in Sanderstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

    Most definitely. We are happy to put you in touch with a Sanderstead conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Sanderstead residence 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 unexpired term was 78.32 years.

    Other Topics

    Lease Extensions in Sanderstead