Fixed-fee leasehold conveyancing in Forest Hill:

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When it comes to leasehold conveyancing in Forest Hill, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Nationwide make sure you choose a lawyer on their panel. Find a Forest Hill conveyancing lawyer with our search tool

Forest Hill leasehold conveyancing: Q and A’s

I have just appointed agents to market my basement flat in Forest Hill.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you pay the invoice 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 management companies will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2005, I bought a leasehold house in Forest Hill. Conveyancing and Birmingham Midshires mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Forest Hill who previously acted has now retired.What should I do?

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 incur the fees of a Forest Hill conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Forest Hill which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Forest Hill. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property 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 conveyancer and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Forest Hill with the aim of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Forest Hill can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • The majority landlords or managing agents in Forest Hill levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Forest Hill.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Forest Hill leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such alterations. If you dont have the paperwork to hand do not communicate with the landlord without contacting your conveyancer before hand.
  • Some Forest Hill leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Forest Hill conveyancing firm to help?

    You certainly can. We can put you in touch with a Forest Hill conveyancing firm who can help.

    An example of a Lease Extension decision for a Forest Hill 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 61.81 years.

    What makes a Forest Hill lease problematic?

    Leasehold conveyancing in Forest Hill is not unique. Most leases are unique and drafting errors 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 property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in Forest Hill