Fixed-fee leasehold conveyancing in Sidcup:

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Sidcup, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Sidcup leasehold conveyancing Example Support Desk Enquiries

Estate agents have just been given the go-ahead to market my basement flat in Sidcup.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – what should I do?

It best that you pay the invoice 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 unless 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 looking at a couple of apartments in Sidcup which have about 50 years remaining on the leases. should I be concerned?

There are plenty of short leases in Sidcup. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a busy estate agent office in Sidcup where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Sidcup conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

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. This means that the buyer need not have to sit tight for 2 years for a lease extension. 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.

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.

Can you provide any top tips for leasehold conveyancing in Sidcup from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Sidcup can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
  • The majority landlords or Management Companies in Sidcup charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Sidcup.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a duplicate share certificate can be a lengthy process and slows down many a Sidcup conveyancing deal. Where a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Sidcup. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

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

    An example of a Lease Extension case 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 was in relation to 1 flat.

    Are there frequently found problems that you encounter in leases for Sidcup properties?

    There is nothing unique about leasehold conveyancing in Sidcup. All leases is drafted differently and legal mistakes in the legal wording 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 premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Sidcup