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Sidcup leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Sidcup. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Sidcup - 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.

I have just started marketing my basement apartment in Sidcup.Conveyancing has not commenced but I have just had a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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 long established estate agent office in Sidcup where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Sidcup conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Can you provide any top tips for leasehold conveyancing in Sidcup with the aim of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Sidcup can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • Many landlords or managing agents in Sidcup charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Sidcup.
  • Some Sidcup 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 bank and professional references. Any bank reference will need to confirm that the buyers are 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 actual amount of the service charge 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 ensure that you are holding the original share document. Organising a new share certificate can be a time consuming process and delays many a Sidcup conveyancing deal. If a reissued share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • We expect to complete the sale of our £300000 apartment in Sidcup in just under a week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Sidcup?

    Sidcup conveyancing on leasehold maisonettes more often than not requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

    I own a ground floor flat in Sidcup. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?

    Absolutely. We can put you in touch with a Sidcup conveyancing firm who can help.

    An example of a Lease Extension decision for a Sidcup flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.

    Other Topics

    Lease Extensions in Sidcup