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Frequently asked questions relating to Westcombe Park leasehold conveyancing

Planning to complete next month on a garden flat in Westcombe Park. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Westcombe Park should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware 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 total extent of the demise. This will be the flat itself but may include a roof space or cellar if applicable.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Westcombe Park please enquire of your lawyer in ahead of your conveyancing in Westcombe Park

    • I am attracted to a couple of apartments in Westcombe Park which have about forty five years unexpired on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold apartment in Westcombe Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 Westcombe Park 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 employed by a busy estate agent office in Westcombe Park where we have experienced a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Westcombe Park conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 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 extend the lease informally by agreement with the landlord 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.

    What advice can you give us when it comes to appointing a Westcombe Park conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a solicitor for your lease extension (regardless if they are a Westcombe Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Westcombe Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • What volume of lease extensions have they carried out in Westcombe Park in the last twenty four months?
  • Can they put you in touch with client in Westcombe Park who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Westcombe Park with the intention of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Westcombe Park can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Westcombe Park leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the paperwork to hand you should not communicate with the landlord without contacting your lawyer before hand.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a replacement share certificate is often a lengthy process and frustrates many a Westcombe Park conveyancing transaction. Where a duplicate share certificate is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Westcombe Park conveyancing firm to act on my behalf?

    if there is a absentee freeholder or where there is dispute 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 Leasehold Valuation Tribunal to calculate the amount due.

    An example of a Lease Extension matter before the tribunal for a Westcombe Park premises is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 72 years.