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Stanmore leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my garden flat in Stanmore.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Stanmore both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Stanmore. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

I work for a reputable estate agency in Stanmore where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Stanmore conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. 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.

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.

What advice can you give us when it comes to choosing a Stanmore conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Stanmore conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Stanmore conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How many lease extensions has the firm carried out in Stanmore in the last twenty four months?
  • What are the legal fees for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Stanmore with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Stanmore can be bypassed if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Stanmore leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the approvals in place do not contact the landlord without checking with your lawyer in the first instance.
  • A minority of Stanmore leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to where the lease term is under 75 years. It is therefore important at an early stage 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.

    • I have tried to negotiate informally with with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Stanmore conveyancing firm to act on my behalf?

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

    An example of a Lease Extension matter before the tribunal for a Stanmore residence is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The remaining number of years on the lease was 70.25 years.

    Other Topics

    Lease Extensions in Stanmore