Conveyancing Solicitors in London explain the work involved when buying flats.

Many people buying flats want to know why the legal costs of Conveyancing Solicitors in London are often higher than for similar freehold properties. That was the question which Mr and Mrs K asked their Property Lawyer Gemma Farguson when she was acting for them on the purchase of an apartment on Rossetti Road, London, SE16 3EY.

Flats in London have leasehold titles. Unlike the owner of a freehold house, the owner of a leasehold property in a large block will be dependent upon the owner or manager of the building for maintenance, insurance, decoration and lighting of any shared interior areas and other matters. Conveyancing Solicitors in London will need to ensure that proper arrangements are in place, especially when the client is obtaining a mortgage as lenders require any problems to be reported to them.

Although the work involved in the actual title transfer is broadly the same, Conveyancers acting for buyers also have to register details of the assignment with the freeholder, and sometimes the assignees have to enter into a separate deed of covenant with the landlord.

Management information must be obtained

This particular residence was part of a modern development that had been constructed some twelve years previously, and was owned on a 125 year term. Details were received from Huggins Edwards & Sharp of Coombe Road, Surrey KT3 4PX and the Conveyancing Solicitors in London acting for the vendors were Morrissons of Regent House 19-20 The Broadway, Southwark, London. They sent Gemma the contract with a copy of the lease, and some information forms which had been completed by the owners.

From these it appeared that the building in which the property was located was owned by a commercial landlord and managed on their behalf by a management company. Gemma asked the other Conveyancing Solicitors to obtain replies to a comprehensive questionnaire from these agents or otherwise to supply their standard management information pack. The reason Conveyancing Solicitors in London request such information is to ascertain details of the following:

• copies of service charge accounts for the previous three years, and estimate for the current year
• confirmation that ground rent and other payments due are up to date, or details of any arrears
• information about any sinking or reserve fund held on account of future works
• details of any major works planned in the immediate future, or already in hand but not yet charged to leaseholders
• copy of the buildings insurance policy and current schedule confirming the level of cover
• details of the freeholder's address for service
• the charges for registering notice of assignment and any mortgage

Gemma was able to show her clients that Conveyancing Solicitors in London have to carry out considerably more work for this type of property than would be involved for a house. On completion she had to make arrangements for the service and rent payments to be apportioned, so that her clients did not end up paying these for a period when the sellers owned the premises.

Ensure that your Conveyancing Solicitors in London will make all these checks for you when buying an apartment by getting a quote from us now.