I am in need of some leasehold conveyancing in Richmond Upon Thames. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Richmond Upon Thames - 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.

Expecting to sign contracts shortly on a leasehold property in Richmond Upon Thames. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Richmond Upon Thames should include some of the following:

• You should receive a copy of the lease

Setting out your legal entitlements in respect of the communal areas in the block.By way of example, does the lease contain a right of way over an accessway or hallways?

Does the lease require carpeting throughout thus preventing wood flooring?

Will you be prohibited or prevented from having pets in the property?

Does the lease prevent you from letting out the flat, or working from home

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

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Richmond Upon Thames please ask your conveyancer in advance of your conveyancing in Richmond Upon Thames

I am tempted by the attractive purchase price for a couple of maisonettes in Richmond Upon Thames both have about fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Richmond Upon Thames 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 marketability of the property. The majority of buyers and mortgage companies, 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 premises 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 Richmond Upon Thames 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 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.

Can you provide any top tips for leasehold conveyancing in Richmond Upon Thames from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Richmond Upon Thames can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Richmond Upon Thames leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you dont have the paperwork to hand do not communicate with the landlord without contacting your lawyer in the first instance.

If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.

If you hold a share in a the freehold, you should ensure that you hold the original share document. Organising a re-issued share certificate is often a time consuming formality and slows down many a Richmond Upon Thames home move. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

We expect to complete the disposal of our £475000 flat in Richmond Upon Thames on Friday in a week. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Richmond Upon Thames?

Richmond Upon Thames conveyancing on leasehold flats normally necessitates fees being raised by managing agents :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Richmond Upon Thames
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Richmond Upon Thames leasehold premises is £350. For Richmond Upon Thames conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

Richmond Upon Thames Leasehold Conveyancing - Examples of Queries before Purchasing

It would be a good idea to enquire if the the lease includes any unreasonable restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Richmond Upon Thames. If you like the apartmentin Richmond Upon Thames but your dog is not allowed to move with you then you will be presented with a hard decision. You should be aware if it is fewer than eighty years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Richmond Upon Thameslease extensions you would need to own the residence for a couple of years before you are legally able to extend the lease. What is the yearly maintenance fee and ground rent?

Other Topics

Lease Extensions in Richmond Upon Thames