Leasehold Conveyancing in Surbiton - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Surbiton leasehold conveyancing

I am on look out for some leasehold conveyancing in Surbiton. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Surbiton - 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 am attracted to a couple of flats in Surbiton both have in the region of fifty years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Surbiton from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Surbiton can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
  • Many freeholders or managing agents in Surbiton levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Surbiton.
  • A minority of Surbiton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 lawyers.
  • If there is a history of any disputes 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 concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Arranging a new share certificate can be a lengthy process and frustrates many a Surbiton conveyancing transaction. If a reissued share is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • We expect to complete the sale of our £375000 garden flat in Surbiton in 8 days. The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Surbiton?

    Surbiton conveyancing on leasehold flats more often than not necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I am the registered owner of a basement flat in Surbiton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

    Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the price.

    An example of a Lease Extension matter before the tribunal for a Surbiton residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.

    Are there common problems that you encounter in leases for Surbiton properties?

    There is nothing unique about leasehold conveyancing in Surbiton. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Surbiton