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

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When it comes to leasehold conveyancing in North Cheam, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or Bradford & Bingley be sure to find a lawyer on their approved list. Feel free to use our search tool

North Cheam leasehold conveyancing: Q and A’s

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in North Cheam. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in North Cheam are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in North Cheam in which case you should be looking for a North Cheam conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold house in North Cheam. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in North Cheam who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a North Cheam conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a reputable estate agency in North Cheam where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local North Cheam conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as 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. This means 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 has to be done before, 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.

Do you have any top tips 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 reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in North Cheam levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in North Cheam.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? North Cheam leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the consents in place do not contact the landlord without checking with your conveyancer in the first instance.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a time consuming formality and frustrates many a North Cheam home move. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in North Cheam what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in North Cheam. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    North Cheam Leasehold Conveyancing - A selection of Queries before buying

      In the main the outlay for major works tend not to be wrapped into the maintenance charges, albeit that some managing agents in North Cheam ask leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. Is there a share of the freehold? It is important to be aware whether window replacement or some other major work is due shortly that will be shared between the tenants and could well dramatically impact the level of the maintenance fees or result in a specific payment.

    Other Topics

    Lease Extensions in North Cheam