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

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Sample questions relating to Surrey Quays leasehold conveyancing

Frank (my husband) and I may need to sub-let our Surrey Quays basement flat for a while due to a new job. We instructed a Surrey Quays conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Surrey Quays do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am looking at a two maisonettes in Surrey Quays which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Surrey Quays conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Surrey Quays conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Surrey Quays conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How many lease extensions has the firm conducted in Surrey Quays in the last year?
  • Can they put you in touch with client in Surrey Quays who can give a testimonial?

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

    • A significant proportion of the frustration in leasehold conveyancing in Surrey Quays can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many landlords or Management Companies in Surrey Quays charge 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 information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Surrey Quays.
  • Some Surrey Quays leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. 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 pay 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 ahead of 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 clearly preferable to present the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Surrey Quays. Can we issue an application to the Residential Property Tribunal Service?

    Where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price payable.

    An example of a Freehold Enfranchisement matter before the tribunal for a Surrey Quays premises 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.

    When it comes to leasehold conveyancing in Surrey Quays what are the most common lease problems?

    Leasehold conveyancing in Surrey Quays is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • 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

    You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Clydesdale all have very detailed requirements 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 purchaser to pull out.