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
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.
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.