Common questions relating to Crayford leasehold conveyancing
There are only Sixty One years unexpired on my lease in Crayford. I now wish to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. On the whole an enquiry agent would be helpful to carry out a search and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Crayford.
I am hoping to sign contracts shortly on a leasehold property in Crayford. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Crayford should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am attracted to a couple of maisonettes in Crayford which have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Crayford. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold house in Crayford. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Crayford conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a Crayford conveyancing firm who can help.
An example of a Lease Extension decision for a Crayford residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The the unexpired term as at the valuation date was 76 years.
What are the frequently found problems that you come across in leases for Crayford properties?
There is nothing unique about leasehold conveyancing in Crayford. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.