Guaranteed fixed fees for Leasehold Conveyancing in Surrey Quays

When it comes to leasehold conveyancing in Surrey Quays, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, RBS or Bradford & Bingley be sure to choose a lawyer on their panel. Find a Surrey Quays conveyancing lawyer with our search tool

Common questions relating to Surrey Quays leasehold conveyancing

I am hoping to sign contracts shortly on a basement flat in Surrey Quays. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the premises. This will be the property itself but could also include a roof space or cellar if appropriate.
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Surrey Quays please enquire of your solicitor in ahead of your conveyancing in Surrey Quays

  • Estate agents have just been given the go-ahead to market my 2 bed apartment in Surrey Quays.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?

    It best that you clear 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am looking at a two maisonettes in Surrey Quays which have in the region of 50 years unexpired on the leases. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Surrey Quays is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Surrey Quays conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I am a negotiator for a reputable estate agent office in Surrey Quays where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Surrey Quays conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension process 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 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 prior to, or simultaneously with 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 purchaser.

    I own a first flat in Surrey Quays. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

    Most certainly. We can put you in touch with a Surrey Quays conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Surrey Quays flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The the unexpired term as at the valuation date was 101.61 years.

    What are the frequently found problems that you encounter in leases for Surrey Quays properties?

    There is nothing unique about leasehold conveyancing in Surrey Quays. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.