Frequently asked questions relating to East Dulwich leasehold conveyancing
Planning to complete next month on a garden flat in East Dulwich. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in East Dulwich should include some of the following:
- You should receive a copy of the lease
I am attracted to a couple of apartments in East Dulwich which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in East Dulwich. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in East Dulwich. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. It is an essential part 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).
Do you have any advice for leasehold conveyancing in East Dulwich from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in East Dulwich can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority landlords or managing agents in East Dulwich charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in East Dulwich.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in East Dulwich. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a East Dulwich conveyancing firm who can help.
An example of a Lease Extension decision for a East Dulwich premises 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 related to 1 flat. The the unexpired residue of the current lease was 61.81 years.
When it comes to leasehold conveyancing in East Dulwich what are the most frequent lease problems?
Leasehold conveyancing in East Dulwich is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.