Questions and Answers: Bermondsey leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Bermondsey. I am keen to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 Court. However, you will be required to demonstrate that you have used your best endeavours to find the landlord. For most situations an enquiry agent should be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Bermondsey.
Looking forward to complete next month on a leasehold property in Bermondsey. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Bermondsey should include some of the following:
- Setting out your rights in respect of common areas in the block.For instance, does the lease include a right of way over a path or staircase?
I've recently bought a leasehold flat in Bermondsey. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
What advice can you give us when it comes to appointing a Bermondsey conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Bermondsey conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Bermondsey conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Bermondsey with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bermondsey can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority freeholders or managing agents in Bermondsey charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Bermondsey.
I have had difficulty in negotiating a lease extension in Bermondsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Bermondsey conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bermondsey property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The the unexpired residue of the current lease was 107 years.