Docs needed for selling leasehold flat

Mr_Mister

Hi
I am planning to sell my leasehold flat which was built in 2009 and purchased by me in 2012 from the previous owner.

I am digging up the relevant docs in readiness but appear to be missing the actual Lease between me and the freeholder (housing organisation)  and can only find copies of the Title deeds from the Land Registry.
Where do I obtain a copy of the Lease? From the freeholder or my mortgage provider?

Also, as the flat was built in 2009, it came with a NHBC certificate which expired in 2021. Do I need to obtain anything from the freeholder that shows building insurance from 2021?

Thanks

Slithery

If LR have a copy of the lease then you can pay £7 to get a copy through the post, but if you already know the length of it and the amount you pay in service charges then that's all your EA will need.
The buyers solicitor will request all of the needed documents from the freeholder on their behalf.

canaldumidi

Mr_Mister said:

Hi
I am planning to sell my leasehold flat which was built in 2009 and purchased by me in 2012 from the previous owner.

I am digging up the relevant docs in readiness but appear to be missing the actual Lease between me and the freeholder (housing organisation) 

There IS no lease between you and the freeholder. The original lease dated 2009 was between the original leaseholder and the freeholder, and that is what you purchased in 2012. No new lease was created between you and the freehlder - you simply became the owner of the original 2009  lease.

The Land Registry will hold an electronic copy of the 'leasehold title' (ie the original lease) showing you as the current owner of that lease.

In all probability the LR leasehold Title (download it here for £3), will refer to the original lease, and will state "copy filed", in which case they have a copy of the original lease, which you can obtain by post for £7 via form OC2 here.

Mr_Mister

Slithery said:

If LR have a copy of the lease then you can pay £7 to get a copy through the post, but if you already know the length of it and the amount you pay in service charges then that's all your EA will need.
The buyers solicitor will request all of the needed documents from the freeholder on their behalf.

Yes I don't need a copy of the lease and the title deeds show how many years in total there is but I thought I need to provide a copy of the Lease. 
With regards to the expired NHBC, will I need any other documentation?
Thanks

eddddy

Mr_Mister said:

Also, as the flat was built in 2009, it came with a NHBC certificate which expired in 2021. Do I need to obtain anything from the freeholder that shows building insurance from 2021?

Just to add to the replies above - an NHBC warranty isn't buildings insurance.  (The freeholder would have been arranging buildings insurance since 2009).  But you don't need a copy of the policy at this stage.


More generally, you sound quite confused about the whole process... I'd suggest you do the following:

• Invite 3 or 4 estate agents to do market appraisals (what some people call valuations).

• Ask them what information you would need before putting the flat on the market

• Some estate agents might be useless, but at least one or two of them should be able to give you a complete list.

A good estate agent should explain that you need things like this (borrowed from the TPOS code of practice for estate agents) :

• Number of years remaining on the lease;
• Amount of ground rent and when payable, together with details of how this will increase over time, if applicable;
• Amount of service charge for last 12 month period, and when payable;
• Amount of any event fees and when payable;
• Amount of reserve fund contribution and when payable (if not already included in other charges);
• Approximate total amount of reserve fund;
• Details of any event-related fees and charges payable under the lease that are triggered by certain circumstances or events;
• Details of any other fees / charges contained in the lease
• Details of any unusual restrictions or covenants in the lease

• And an EPC

You may have some or all of that info to hand, if not you might have to ask the Housing Association for it. But like I say, a good estate agent should be able to advise you on this.

Mr_Mister

eddddy said:

Mr_Mister said:

Also, as the flat was built in 2009, it came with a NHBC certificate which expired in 2021. Do I need to obtain anything from the freeholder that shows building insurance from 2021?

Just to add to the replies above - an NHBC warranty isn't buildings insurance.  (The freeholder would have been arranging buildings insurance since 2009).  But you don't need a copy of the policy at this stage.


More generally, you sound quite confused about the whole process... I'd suggest you do the following:

• Invite 3 or 4 estate agents to do market appraisals (what some people call valuations).

• Ask them what information you would need before putting the flat on the market

• Some estate agents might be useless, but at least one or two of them should be able to give you a complete list.

A good estate agent should explain that you need things like this (borrowed from the TPOS code of practice for estate agents) :

• Number of years remaining on the lease;
• Amount of ground rent and when payable, together with details of how this will increase over time, if applicable;
• Amount of service charge for last 12 month period, and when payable;
• Amount of any event fees and when payable;
• Amount of reserve fund contribution and when payable (if not already included in other charges);
• Approximate total amount of reserve fund;
• Details of any event-related fees and charges payable under the lease that are triggered by certain circumstances or events;
• Details of any other fees / charges contained in the lease
• Details of any unusual restrictions or covenants in the lease

• And an EPC

You may have some or all of that info to hand, if not you might have to ask the Housing Association for it. But like I say, a good estate agent should be able to advise you on this.

Thank you for the detailed information. 
Yes you are right, i am not familiar with the process as I have never sold a property before especially a leasehold. I barely remember the process as a buyer. 

TBG01

Slithery said:

The buyers solicitor will request all of the needed documents from the freeholder on their behalf.

Ummm, no they won't.

It's on the seller (via the freeholder) to obtain and provide the relevant information.

Mr_Mister

I just received a EWS1 certificate for my flat and sadly it shows a B2 rating which means it has combustible materials that will need replacement.

However, the housing association does say leaseholders will not be charged for the cost. 

From what I understand, potential buyers will find it hard to get a mortgage unless I find a cash buyer?
Has anyone here recently sold their flat with a B2 rating? 

penners324

Also be very aware of the ground rent and what basis it increases.

2 issues -

doubling ground rent every 10 years is now a big no for most mortgage companies 

Ground rent that will go above £250 (£1000 in London) will cause an AST to be formed, also a big no for most mortgage companies.

You may need to get a deed of variation done before going to market to sort these issues out.

coypondboy

Mr_Mister said:

I just received a EWS1 certificate for my flat and sadly it shows a B2 rating which means it has combustible materials that will need replacement.

However, the housing association does say leaseholders will not be charged for the cost. 

From what I understand, potential buyers will find it hard to get a mortgage unless I find a cash buyer?
Has anyone here recently sold their flat with a B2 rating? 

This is being resolved via the new building safety bill which just passed and will be law next month.  The builder/freeholder has to pay to fix, the only problem will be how long they take to do it and what will happen to your service charge until work completed (buildings ins increase and heating bills will be the biggest driver until work completed).  I would wait until building fixed before trying to sell as too risky for many potential buyers.