Fixed-fee leasehold conveyancing in Beckenham:

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Questions and Answers: Beckenham leasehold conveyancing

I have recently realised that I have 72 years left on my lease in Beckenham. I now wish to get lease extension but my freeholder is absent. 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 have used your best endeavours to locate the landlord. On the whole a specialist should be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering Beckenham.

Expecting to exchange soon on a studio apartment in Beckenham. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Beckenham should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in respect of the communal areas in the block.E.G., does the lease include a right of way over an accessway or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Beckenham please enquire of your lawyer in advance of your conveyancing in Beckenham

  • I’m about to sell my ground floor apartment in Beckenham.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a couple of apartments in Beckenham both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Beckenham is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Beckenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I am a negotiator for a busy estate agency in Beckenham where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Beckenham conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    I have given up trying to purchase the freehold in Beckenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.

    An example of a Freehold Enfranchisement case for a Beckenham flat is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The the unexpired residue of the current lease was 76.75 and 88.83.

    Other Topics

    Lease Extensions in Beckenham