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

Get a Quote

When it comes to leasehold conveyancing in Bermondsey, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their panel. Find a Bermondsey conveyancing lawyer with our search tool

Bermondsey leasehold conveyancing: Q and A’s

I am intending to let out my leasehold apartment in Bermondsey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bermondsey do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

I am hoping to sign contracts shortly on a garden flat in Bermondsey. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Bermondsey should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Does the lease prohibit wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Bermondsey please ask your solicitor in ahead of your conveyancing in Bermondsey

    • I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bermondsey. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

    The majority of houses in Bermondsey are freehold and not leasehold. This is one of the situations where 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 in which case you should be shopping around for a Bermondsey conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First 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 will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.

    I am attracted to a two flats in Bermondsey which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

    Can you offer any advice when it comes to finding a Bermondsey conveyancing practice to carry out our lease extension conveyancing?

    When appointing a property lawyer for your lease extension (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. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Bermondsey who can give a testimonial?

    • After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Bermondsey. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price.

    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 term as at the valuation date was 107 years.

    Other Topics

    Lease Extensions in Bermondsey