Having had my offer accepted I require leasehold conveyancing in Bermondsey. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Bermondsey - then the leasehold title will always include the short particulars 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 have just started marketing my basement flat in Bermondsey.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you clear 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 until 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've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Bermondsey. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Bermondsey are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Bermondsey so you should seriously consider looking for a Bermondsey conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

I am employed by a reputable estate agency in Bermondsey where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local Bermondsey conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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.

After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Bermondsey. Can we issue an application to the Residential Property Tribunal Service?

Most certainly. 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 term as at the valuation date was 107 years.

What makes a Bermondsey lease unmortgageable?

Leasehold conveyancing in Bermondsey is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have difficulties 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 Royal Bank of Scotland, and Nottingham Building Society all have express requirements 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 buyer to pull out.

Other Topics

Lease Extensions in Bermondsey