Examples of recent questions relating to leasehold conveyancing in Bromley
Estate agents have just been given the go-ahead to market my 2 bed apartment in Bromley.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 unless 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've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Bromley. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bromley ?
The majority of houses in Bromley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bromley in which case you should be shopping around for a Bromley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Bromley both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bromley. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I am employed by a long established estate agent office in Bromley where we have witnessed a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Bromley conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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.
If all goes to plan we aim to complete the sale of our £425000 flat in Bromley next week. The managing agents has quoted £348 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bromley?
For most leasehold sales in Bromley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Bromley
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Bromley conveyancing firm to represent me?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to decide the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Bromley flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.