Preparing To Sell A Leasehold Property
When selling a leasehold property, you will be required to complete and supply numerous documents. Tollers advise all owners to keep original documentation safe .i.e. the original Lease. Although the majority of Leases should be held at the Land Registry, sometimes a full copy may not be available for download and this can cause issues if your Solicitor or Conveyancer cannot supply a full copy to the Buyers Solicitor or Conveyancer.
When selling a leasehold property, a leasehold information form will need to be completed and you will be asked to supply information you have obtained during your ownership, this will be documentation received from the Landlord and/or Management Company. This will include any Notices you may have received which may affect the property, as well as local planning applications or letters from neighbouring properties. Tollers would advise to keep all ground rent and service charge demands, statements and accounts readily available along with the recent building insurance policy.
It is very important Sellers keep records of all alterations made to the property along with consent from the Landlord, in the majority of leases you are required under the terms of the lease to obtain written consent for any works carried out at the property. Let your solicitor know if you have made any alterations to the property.
The Buyer’s Solicitor or Conveyancer will request a completed LPE1 or leasehold information pack. This is standard practice and in most cases a fee will be charged to the Seller to supply this. We have no control over this charge whatsoever and average around £250.00 +VAT. The pack will generally include;
- 3 Years Accounts.
- Building/block insurance policy and schedule.
- Ground rent and Service Charge receipts.
- Copy Notices served.
Leasehold properties are more complex than a standard freehold property, therefore the process will take longer to proceed. This is why as a Seller you should keep a record of all information received and obtained for the property to help assist with any enquiries raised by the Buyer’s Solicitor or Conveyancer.
If you require specific advice regarding the sale of your leasehold property Talk to Tollers.