Fixed-fee leasehold conveyancing in Streatham:

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Examples of recent questions relating to leasehold conveyancing in Streatham

Planning to complete next month on a leasehold property in Streatham. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?

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

  • The total extent of the property. This will be the apartment itself but could also incorporate a loft or basement if appropriate.
  • Setting out your rights in relation to the communal areas in the building.For example, does the lease provide for a right of way over an accessway or staircase?
  • You need to be told what constitutes a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • 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.
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Streatham please enquire of your conveyancer in ahead of your conveyancing in Streatham

    • I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Streatham. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Streatham ?

    The majority of houses in Streatham are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Streatham so you should seriously consider looking for a Streatham conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

    I work for a long established estate agency in Streatham where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Streatham conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate 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. This means 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 before, or at the same time as completion of the sale.

    Alternatively, it may be possible 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 Streatham from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Streatham can be avoided if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • Many freeholders or managing agents in Streatham levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Streatham.
  • A minority of Streatham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate can be a time consuming process and delays many a Streatham home move. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. 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 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 home on the market for sale.

    • All being well we will complete the sale of our £350000 flat in Streatham on Thursday in a week. The management company has quoted £300 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Streatham?

    Streatham conveyancing on leasehold flats usually involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to do so. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I am the proprietor of a two-bedroom flat in Streatham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?

    in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price payable.

    An example of a Lease Extension decision for a Streatham flat is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case affected 1 flat. The unexpired lease term was 23.25 years.

    Other Topics

    Lease Extensions in Streatham