Frequently asked questions relating to Bromley Common leasehold conveyancing
I am in need of some leasehold conveyancing in Bromley Common. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Bromley Common - 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.
Due to exchange soon on a leasehold property in Bromley Common. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bromley Common should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I have just appointed agents to market my 2 bed flat in Bromley Common.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 am employed by a busy estate agency in Bromley Common where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Bromley Common conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Bromley Common with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bromley Common can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Bromley Common state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you dont have the paperwork in place do not communicate with the landlord without checking with your solicitor before hand.
I have had difficulty in negotiating a lease extension in Bromley Common. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Bromley Common conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal 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 the unexpired residue of the current lease was 50.57 years.