East Dulwich leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in East Dulwich. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in East Dulwich - 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.
I am hoping to sign contracts shortly on a garden flat in East Dulwich. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in East Dulwich should include some of the following:
- The physical extent of the property. This will be the property itself but may include a loft or cellar if appropriate.
I am tempted by the attractive purchase price for a couple of maisonettes in East Dulwich both have about forty five years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I work for a long established estate agent office in East Dulwich where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local East Dulwich conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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 purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300000 apartment in East Dulwich next Monday . The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in East Dulwich?
East Dulwich conveyancing on leasehold flats often necessitates the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to complete the sale of your home.
I have given up trying to purchase the freehold in East Dulwich. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a East Dulwich conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The remaining number of years on the lease was 61.81 years.