Recently asked questions relating to Blackheath leasehold conveyancing
Expecting to exchange soon on a ground floor flat in Blackheath. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Blackheath should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I've found a house that appears to tick a lot of boxes, at a great figure 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 leasehold house in Blackheath. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Blackheath are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Blackheath in which case you should be looking for a Blackheath conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Blackheath which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Blackheath is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Blackheath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Blackheath with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Blackheath can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many landlords or Management Companies in Blackheath charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Blackheath.
We expect to complete the sale of our £375000 maisonette in Blackheath in six days. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Blackheath?
Blackheath conveyancing on leasehold apartments often necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.
We have reached the end of our tether in trying to purchase the freehold in Blackheath. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to make a decision on the price.
An example of a Lease Extension matter before the tribunal for a Blackheath residence is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The remaining number of years on the lease was 72 years.