Common questions relating to Denmark Hill leasehold conveyancing
Expecting to sign contracts shortly on a ground floor flat in Denmark Hill. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Denmark Hill should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Denmark Hill. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Denmark Hill ?
The majority of houses in Denmark Hill are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Denmark Hill so you should seriously consider looking for a Denmark Hill conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. 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 landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a two flats in Denmark Hill both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Denmark Hill where we have experienced a few flat sales jeopardised due to short leases. I have received conflicting advice from local Denmark Hill conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 before, 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 buyer.
What are your top tips when it comes to appointing a Denmark Hill conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Denmark Hill conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Denmark Hill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Denmark Hill who can give a testimonial?
I am the registered owner of a first floor flat in Denmark Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to judgment on the price payable.
An example of a Freehold Enfranchisement decision for a Denmark Hill flat is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case affected 3 flats. The remaining number of years on the lease was 72.58 years.