Leasehold Conveyancing in Bermondsey - Get a Quote from the leasehold experts approved by your lender

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Common questions relating to Bermondsey leasehold conveyancing

I would like to let out my leasehold apartment in Bermondsey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A small minority of properties in Bermondsey do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Bermondsey. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Bermondsey are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bermondsey so you should seriously consider shopping around for a Bermondsey conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I am employed by a reputable estate agent office in Bermondsey where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Bermondsey conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

Do you have any advice for leasehold conveyancing in Bermondsey with the aim of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Bermondsey can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
  • The majority landlords or managing agents in Bermondsey charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bermondsey.
  • A minority of Bermondsey leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming process and slows down many a Bermondsey conveyancing transaction. Where a reissued share is necessary, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • I have had difficulty in trying to purchase the freehold in Bermondsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    You certainly can. We can put you in touch with a Bermondsey conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Bermondsey flat 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 related to 41 flats. The the unexpired residue of the current lease was 107 years.

    What makes a Bermondsey lease defective?

    Leasehold conveyancing in Bermondsey is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Bermondsey