Frequently asked questions relating to Bromley leasehold conveyancing
I am in need of some leasehold conveyancing in Bromley. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Bromley - then the leasehold title will always include the basic details 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 am tempted by the attractive purchase price for a couple of flats in Bromley which have in the region of fifty years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a reputable estate agency in Bromley where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Bromley conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the buyer can avoid having to sit tight for 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 sale.
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.
What advice can you give us when it comes to finding a Bromley conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Bromley conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Bromley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Bromley with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Bromley can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- Many freeholders or Management Companies in Bromley levy fees for providing management packs for a leasehold premises. 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 average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Bromley.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Bromley conveyancing firm to act on my behalf?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the amount due.
An example of a Lease Extension case for a Bromley property is 70 Andace Park Gardens 133-149 Widmore Road in November 2013. Tribunal determined that the premium payable for the lease extension was £10,052 This case was in relation to 1 flat. The the unexpired residue of the current lease was 72 years.