Examples of recent questions relating to leasehold conveyancing in East Dulwich
Looking forward to sign contracts shortly on a leasehold property in East Dulwich. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in East Dulwich should include some of the following:
- Defining your legal entitlements in relation to common areas in the block.For example, does the lease grant a right of way over an accessway or staircase?
Back In 2000, I bought a leasehold house in East Dulwich. Conveyancing and HSBC Bank mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in East Dulwich who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a East Dulwich conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of apartments in East Dulwich which have in the region of forty five years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in East Dulwich is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under eighty 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 premises 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 East Dulwich 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 the agreed 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 are your top tips when it comes to appointing a East Dulwich conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a East Dulwich conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non East Dulwich 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 experienced is the firm with lease extension legislation?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in East Dulwich. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a East Dulwich conveyancing firm who can help.
An example of a Lease Extension decision for a East Dulwich property is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case affected 1 flat. The the unexpired residue of the current lease was 61.81 years.
Are there frequently found defects that you encounter in leases for East Dulwich properties?
There is nothing unique about leasehold conveyancing in East Dulwich. Most leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed 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 purchaser to withdraw.
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