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Sunbury leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Sunbury. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Sunbury - then the leasehold title will always include the basic details 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.

I wish to let out my leasehold flat in Sunbury. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Some leases for properties in Sunbury do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am tempted by the attractive purchase price for a couple of maisonettes in Sunbury both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

Can you provide any top tips for leasehold conveyancing in Sunbury with the intention of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Sunbury can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Sunbury leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the consents to hand do not contact the landlord without contacting your solicitor in the first instance.
  • Some Sunbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser'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 less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Sunbury conveyancing firm to act on my behalf?

    in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the price.

    An example of a Lease Extension matter before the tribunal for a Sunbury flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 82.93 years.

    When it comes to leasehold conveyancing in Sunbury what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Sunbury. All leases are unique and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

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

    You could 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. Halifax, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in Sunbury