Fixed-fee leasehold conveyancing in Tooting Bec:

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When it comes to leasehold conveyancing in Tooting Bec, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Halifax, Birmingham Midshires or NatWest be sure to find a lawyer on their approved list. Feel free to use our search tool

Questions and Answers: Tooting Bec leasehold conveyancing

Planning to complete next month on a leasehold property in Tooting Bec. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Tooting Bec please ask your conveyancer in advance of your conveyancing in Tooting Bec

    • My wife and I purchased a leasehold flat in Tooting Bec. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Tooting Bec who previously acted has now retired.Any advice?

    The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Tooting Bec conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am looking at a two flats in Tooting Bec which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Tooting Bec is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive 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 property 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 Tooting Bec conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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've recently bought a leasehold flat in Tooting Bec. Do I have any liability for service charges for periods before completion of my purchase?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any advice for leasehold conveyancing in Tooting Bec from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Tooting Bec can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers lawyers.
    • Many freeholders or Management Companies in Tooting Bec charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Tooting Bec.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Tooting Bec state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such works. If you dont have the approvals to hand do not communicate with the landlord without checking with your conveyancer before hand.
  • A minority of Tooting Bec leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 80 years. It is therefore essential 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 home on the market for sale.

    • We have reached the end of our tether in seeking a lease extension in Tooting Bec. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Absolutely. We are happy to put you in touch with a Tooting Bec conveyancing firm who can help.

    An example of a Lease Extension case for a Tooting Bec property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The remaining number of years on the lease was 62.94 years.