Experts for Leasehold Conveyancing in Catford

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When it comes to leasehold conveyancing in Catford, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or NatWest make sure you choose a lawyer on their panel. Find a Catford conveyancing lawyer with our search tool

Questions and Answers: Catford leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Catford. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Catford - 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.

Planning to exchange soon on a basement flat in Catford. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Catford should include some of the following:

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Setting out your rights in respect of the communal areas in the block.By way of example, does the lease contain a right of way over an accessway or hallways?
  • Does the lease prevent you from subletting the flat, or working from home
  • You should be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions For a comprehensive list of information to be contained in your report on your leasehold property in Catford please ask your solicitor in advance of your conveyancing in Catford

    • I am looking at a two maisonettes in Catford both have in the region of fifty years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Catford. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

    Can you provide any advice for leasehold conveyancing in Catford with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Catford can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Catford leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the consents to hand you should not contact the landlord without checking with your lawyer in the first instance.
  • A minority of Catford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand 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 make sure that you are holding the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and delays many a Catford conveyancing deal. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the leaseholder of a basement flat in Catford. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?

    Absolutely. We are happy to put you in touch with a Catford conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Catford property is 44 Elmer Road in January 2013. The Tribunal dacied that amount to be paid by the Leaseholders for the Landlords freehold reversion was £12,951 as at the valuation date (20" September 2012).This matter was referred back to the Bromley County Court to deal with costs, fees and any other outstanding matters. This case affected 2 flats. The the unexpired term as at the valuation date was 74.25 years.

    In relation to leasehold conveyancing in Catford what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Catford. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Norwich and Peterborough Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Catford