Leasehold Conveyancing in North Cheam - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to North Cheam leasehold conveyancing

I would like to let out my leasehold flat in North Cheam. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in North Cheam do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in North Cheam. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in North Cheam are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in North Cheam in which case you should be looking for a North Cheam conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.

Can you offer any advice when it comes to finding a North Cheam conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a North Cheam conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non North Cheam conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • What volume of lease extensions have they carried out in North Cheam in the last year?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in North Cheam with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in North Cheam can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in North Cheam levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in North Cheam.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? North Cheam leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the paperwork in place you should not contact the landlord without contacting your solicitor before hand.
  • Some North Cheam 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 financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the frequently found deficiencies that you encounter in leases for North Cheam properties?

    There is nothing unique about leasehold conveyancing in North Cheam. All leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter 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. Santander, Norwich and Peterborough Building Society, and Bank of Ireland 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 grant the mortgage, forcing the purchaser to pull out.

    Leasehold Conveyancing in North Cheam - Sample of Questions you should ask before Purchasing

      Is anyone aware of any major works in the planning that will likely add a premium to the service costs? Does the lease have onerous restrictions? Plenty North Cheam leasehold apartments will be liable to pay a service charge for the upkeep of the building levied on behalf of the freeholder. Where you purchase the property you will have to meet this charge, usually periodically during the year. This may be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met annual, ordinarily this is not a large sum, say about £50-£100 but you should to check it because sometimes it can be prohibitively expensive.

    Other Topics

    Lease Extensions in North Cheam