Top Five Questions relating to Abbey Wood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Abbey Wood. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Abbey Wood - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Abbey Wood. I now want to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. For most situations a specialist should be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Abbey Wood.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Abbey Wood. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Abbey Wood ?
The majority of houses in Abbey Wood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Abbey Wood in which case you should be shopping around for a Abbey Wood conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
Do you have any top tips for leasehold conveyancing in Abbey Wood with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Abbey Wood can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Abbey Wood leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. If you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor first.
I own a a ground floor purpose built flat in Abbey Wood. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Most definitely. We are happy to put you in touch with a Abbey Wood conveyancing firm who can help.
An example of a Lease Extension case for a Abbey Wood residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The the unexpired term as at the valuation date was 76 years.
What makes a Abbey Wood lease unmortgageable?
Leasehold conveyancing in Abbey Wood is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.