Leasehold Conveyancing in Old Malden - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Old Malden, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Old Malden

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Old Malden. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Old Malden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Old Malden in which case you should be looking for a Old Malden conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am looking at a couple of apartments in Old Malden which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Old Malden is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Old Malden 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

What are your top tips when it comes to finding a Old Malden conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Old Malden conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Old Malden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • If they are not ALEP accredited then what is the reason?
  • How many lease extensions has the firm carried out in Old Malden in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Old Malden with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Old Malden can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
    • The majority landlords or managing agents in Old Malden charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Old Malden.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Old Malden state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you dont have the consents to hand do not contact the landlord without contacting your solicitor before hand.
  • A minority of Old Malden leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.

    • If all goes to plan we aim to complete the disposal of our £475000 flat in Old Malden next Friday . The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Old Malden?

    Old Malden conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I have tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Old Malden conveyancing firm to represent me?

    if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.

    An example of a Lease Extension case for a Old Malden residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.