5 August 2019
Estate agents to provide more details on residential leases under new code
Residential
The Property Ombudsman has recently updated their Code of Practice for Residential Estate Agents with an emphasis on the agent providing 'material details' relating to the lease and service charges, details which often do not get revealed until solicitors are engaged, and costs are incurred after an offer has been accepted.
The new code, which came into force on 1st June 2019, introduces a number of requirements for residential estate agents, among which is ensuring that property details state the number of years remaining on a flat's lease and details of the ground rent payable. The lease term (years remaining) can have a significant effect on value and the ability of a purchaser to obtain mortgage finance, yet many agents still do not even refer to it on their details. Many lenders will not offer a mortgage on flats with less than 80 years remaining on the lease.Whether you are a leaseholder looking to extend your lease or buy your freehold, or a freeholder faced with a leaseholder's application, SHW can guide you through the process and advise you on the best route to saving money and getting best value.
We can help you to understand the process, calculate the premium payable, negotiate with the freeholder or leaseholder, and liaise with your solicitor.
SHW has six valuers registered with the Leasehold Advisory Service who are also members of the Association of Leasehold Enfranchisement Practitioners (ALEP) and Royal Institution of Chartered Surveyors (RICS).
Our dedicated team of surveyors advise both landlords and occupiers ensuring all our clients get the most from their lease agreement.
Gemma Quinn, Head of SHW Lease Enfranchisement said: "We wholeheartedly welcome the new code - it will remove previous anomalies, grey areas and obstacles faced by some leaseholders."
Contact:
Gemma Quinn
020 7389 1512
