Guaranteed fixed fees for Leasehold Conveyancing in Southwark

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Sample questions relating to Southwark leasehold conveyancing

I want to sublet my leasehold apartment in Southwark. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Your lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Southwark do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Estate agents have just been given the go-ahead to market my ground floor flat in Southwark.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of maisonettes in Southwark which have in the region of fifty years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Southwark. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

Can you provide any advice for leasehold conveyancing in Southwark with the purpose of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Southwark can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Southwark charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought 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 usual reason for delay in leasehold conveyancing in Southwark.
  • A minority of Southwark leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Organising a re-issued share certificate can be a lengthy formality and slows down many a Southwark conveyancing deal. Where a new share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • We expect to complete the sale of our £250000 apartment in Southwark next Tuesday . The management company has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Southwark?

    Southwark conveyancing on leasehold flats normally necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to sell the property.

    Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Southwark. Can we issue an application to the Residential Property Tribunal Service?

    Where 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 you can apply to the LVT to determine the price.

    An example of a Freehold Enfranchisement matter before the tribunal for a Southwark premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The the unexpired residue of the current lease was 107 years.

    Other Topics

    Lease Extensions in Southwark