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

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Bromley Common, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Bromley Common leasehold conveyancing: Q and A’s

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bromley Common. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Bromley Common are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Bromley Common in which case you should be shopping around for a Bromley Common conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a two maisonettes in Bromley Common which have about 50 years remaining on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold house in Bromley Common. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to choosing a Bromley Common conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Bromley Common conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Bromley Common conveyancing practices prior to 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 why not?
  • Can they put you in touch with client in Bromley Common who can give a testimonial?

  • Can you provide any top tips for leasehold conveyancing in Bromley Common from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Bromley Common can be avoided if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Bromley Common charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bromley Common.
  • Some Bromley Common leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Bromley Common conveyancing transaction. Where a reissued share is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Bromley Common conveyancing firm to represent me?

    You certainly can. We can put you in touch with a Bromley Common conveyancing firm who can help.

    An example of a Lease Extension case for a Bromley Common premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The remaining number of years on the lease was 50.57 years.