Top Five Questions relating to Deptford leasehold conveyancing
Planning to exchange soon on a basement flat in Deptford. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Deptford should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Deptford. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Deptford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Deptford so you should seriously consider looking for a Deptford conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I am looking at a two flats in Deptford both have about forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Deptford is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Deptford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a Deptford conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Deptford conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Deptford 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 helpful:
- How many lease extensions have they carried out in Deptford in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Deptford from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Deptford can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or managing agents in Deptford charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Deptford.
I am the registered owner of a two-bedroom flat in Deptford. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most definitely. We can put you in touch with a Deptford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Deptford residence is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case affected 3 flats. The the unexpired residue of the current lease was 80.01 years.