Speed Up The Sale of Your Leasehold Property...
Being prepared with the Information that your Conveyancer Will Need. When selling a Leasehold Property, there is a lot of information about the leasehold property that your buyer's solicitor will require from the landlord. The biggest delay in selling a Leasehold property is obtaining this information. A certain amount of the information about the leasehold property must come directly from the landlord, however there is a lot of information you may gather for your leasehold property in readiness. Landlords and/or their Managing Agents will invariably make a charge for providing the information about the leasehold property. The amount that Landlords and Managing Agents charge for this information varies and can be as much as £300.00. The Landlord/Managing Agent will not provide the information regarding the leasehold property until they have been paid. So it is important to find out from the Landlord/Managing Agent from the outset what they are going to charge and make sure that they are paid at the earliest opportunity to gain the information about the leasehold property as soon as possible.
It is important that you appoint Conveyancers who are experienced in Leasehold properties as soon as you put your property on market and make sure that they start obtaining the necessary information about your leasehold property from your Landlord/Managing Agent as soon as you have a purchaser.
Although it is not strictly necessary to appoint a firm with experience in leasehold conveyancing, it is a considerable advantage to do so as they will be familiar with the local Landlords/Managing Agents.
Information that will be required about the leasehold property from the Landlord:
- Up to date Buildings Insurance
- Last three years' Service Charge Accounts
- Estimate of Next Year Service Charge Account
- Up to Date Service Charge statement (and receipt) for your leasehold Property.
- Copy of any Notices Served (for example, in relation to upcoming major works; any proposed sale of the building; any notices that the management of the building or the estate is about to change).
- Asbestos Survey (if building has been built before 1999)
- Fire Risk Assessment
- Whether or not there has been any disputes regarding the Service Charge
- Whether there are any substantial works of maintenance anticipated within the next three years.
- Copies of any recent regulations imposed.
- Management Company - Memorandum and Articles of Association and minutes of the last AGM together with a copy of any share certificate that you may have.
- Consent from the landlord for any alterations you may have made to the leasehold property.
- Consent (if required by the Lease) of the Landlord to the Sale of the Leasehold Property.