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

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Examples of recent questions relating to leasehold conveyancing in Bromley Common

My wife and I purchased a leasehold flat in Bromley Common. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Bromley Common who previously acted has now retired.Do I pay?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Bromley Common conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two flats in Bromley Common which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Bromley Common. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold flat in Bromley Common. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

Do you have any top tips for leasehold conveyancing in Bromley Common with the intention of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Bromley Common can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
  • Many landlords or managing agents in Bromley Common levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bromley Common.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bromley Common state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you fail to have the paperwork to hand do not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Bromley Common leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any 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 certificate. Arranging a replacement share certificate can be a lengthy process and delays many a Bromley Common home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • I have had difficulty in seeking a lease extension in Bromley Common. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price payable.

    An example of a Lease Extension case for a Bromley Common flat 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 50.57 years.

    In relation to leasehold conveyancing in Bromley Common what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Bromley Common. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • 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

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.