I have just appointed agents to market my basement flat in Streatham Vale.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should 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 management companies 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 own a leasehold flat in Streatham Vale. Conveyancing and TSB mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Streatham Vale who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Streatham Vale conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Can you provide any advice for leasehold conveyancing in Streatham Vale from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Streatham Vale can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
• Some Streatham Vale leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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.

If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.

If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a lengthy process and slows down many a Streatham Vale home move. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

You believe that you know the number of years left on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

We expect to complete the disposal of our £425000 apartment in Streatham Vale next week. The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Streatham Vale?

For the majority of leasehold sales in Streatham Vale conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Streatham Vale
• 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 Streatham Vale leasehold property is £350. For Streatham Vale 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 required to provide answers.

What makes a Streatham Vale lease unmortgageable?

Leasehold conveyancing in Streatham Vale is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• 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

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. Santander, The Royal Bank of Scotland, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

Leasehold Conveyancing in Streatham Vale - Sample of Queries before buying

You will want to discover as much as possible regarding the company managing the block as they can either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day issues like the upkeep of the common parts. Don't be shy to ask other tenants what they think of them. On a final note, be sure you discover the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. It is important to be aware if a new roof is being installed or some other major work is due shortly that will be shared by the tenants and may well dramatically impact the level of the maintenance fees or result in a one off payment. Who are the managing agents?

Other Topics

Lease Extensions in Streatham Vale