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Top Five Questions relating to Westerham leasehold conveyancing

Having checked my lease I have discovered that there are only 62 years left on my flat in Westerham. I need to extend my lease but my landlord is can not be found. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. In some cases an enquiry agent would be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Westerham.

Looking forward to exchange soon on a ground floor flat in Westerham. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Westerham should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Westerham please ask your conveyancer in advance of your conveyancing in Westerham

    • I am tempted by the attractive purchase price for a two apartments in Westerham which have in the region of forty five years left on the leases. Do I need to be concerned?

    There are plenty of short leases in Westerham. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

    I've recently bought a leasehold flat in Westerham. Am I liable to pay service charges for periods before completion of my purchase?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any advice for leasehold conveyancing in Westerham with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Westerham can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in Westerham charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. 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 Westerham.
  • Some Westerham leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is a current 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a 1 bedroom flat in Westerham, conveyancing was carried out 2003. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Westerham with an extended lease are worth £184,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2098

    With 72 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as costs.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Westerham