Recently asked questions relating to Bexley leasehold conveyancing
Expecting to complete next month on a leasehold property in Bexley. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Bexley should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am looking at a couple of apartments in Bexley which have in the region of fifty years remaining on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Bexley with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bexley can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Bexley leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the approvals to hand you should not communicate with the landlord without contacting your conveyancer in the first instance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 maisonette in Bexley in 8 days. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Bexley?
For most leasehold sales in Bexley conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Bexley
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Bexley conveyancing firm to help?
Most definitely. We can put you in touch with a Bexley conveyancing firm who can help.
An example of a Lease Extension decision for a Bexley premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.
What makes a Bexley lease defective?
Leasehold conveyancing in Bexley is not unique. Most leases are unique and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- 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 may 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. Accord Mortgages Ltd, Chelsea Building Society, and Alliance & Leicester all have very detailed 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 provide security, obliging the purchaser to withdraw.