Frequently asked questions relating to Erith leasehold conveyancing
I am on look out for some leasehold conveyancing in Erith. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Erith - 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.
Frank (my husband) and I may need to sub-let our Erith 1st floor flat temporarily due to a career opportunity. We instructed a Erith conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Erith do not contain subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I’m about to sell my basement apartment in Erith.Conveyancing has not commenced but I have just had a half-yearly service charge demand – Do I pay up?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Erith. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Erith are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Erith in which case you should be shopping around for a Erith conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I am the registered owner of a garden flat in Erith. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Erith conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Erith residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The the unexpired term as at the valuation date was 76 years.
What makes a Erith lease defective?
Leasehold conveyancing in Erith is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Aldermore 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, obliging the purchaser to pull out.