Common questions relating to Abbey Wood leasehold conveyancing
I am in need of some leasehold conveyancing in Abbey Wood. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Abbey Wood - then the leasehold title will always include the basic details 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.
I only have 68 years left on my lease in Abbey Wood. I need to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist would be helpful to carry out a search and prepare a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court overseeing Abbey Wood.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Abbey Wood. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Abbey Wood ?
Most houses in Abbey Wood are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent 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. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
Last month I purchased a leasehold flat in Abbey Wood. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the proprietor of a basement flat in Abbey Wood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Absolutely. We can 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 affected 13 flats. The the unexpired residue of the current lease was 76 years.
In relation to leasehold conveyancing in Abbey Wood what are the most frequent lease problems?
Leasehold conveyancing in Abbey Wood is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. 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 building
- Insurance obligations
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and TSB 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 grant the mortgage, obliging the purchaser to withdraw.