Questions and Answers: Wimbledon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Wimbledon. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Wimbledon - then the leasehold title will always include the short particulars 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 have just started marketing my basement flat in Wimbledon.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge 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 managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
I am attracted to a two flats in Wimbledon which have about forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Wimbledon. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
I am employed by a busy estate agency in Wimbledon where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Wimbledon conveyancing firms. Please can you confirm whether the owner 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 start 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 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 at the same time as 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 purchaser.
All being well we will complete the sale of our £400000 maisonette in Wimbledon next Tuesday . The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Wimbledon?
Wimbledon conveyancing on leasehold apartments normally results in administration charges invoiced by landlords agents :
- Answering pre-exchange questions
- Where consent is required before sale in Wimbledon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up seeking a lease extension in Wimbledon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Wimbledon conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Wimbledon residence is 629 Garratt Lane in September 2014. The consideration payable for the acquisition of the freehold of the subject property was the sum £21,302.74. This represented a valuation of the freehold in the sum of £23,864 from which the sum of £2561.27 has been deducted in respect of certain costs in repairing and insuring the premises This case affected 3 flats. The the unexpired residue of the current lease was 72.94 years.