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Examples of recent questions relating to leasehold conveyancing in Hither Green

I am on look out for some leasehold conveyancing in Hither Green. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Hither Green - 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.

Planning to exchange soon on a garden flat in Hither Green. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Hither Green should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • The physical extent of the property. This will be the flat itself but may incorporate a roof space or cellar if applicable.
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Changes to the flat (alterations and additions)
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Hither Green please enquire of your solicitor in advance of your conveyancing in Hither Green

    • Estate agents have just been given the go-ahead to market my basement apartment in Hither Green.Conveyancing has not commenced but I have just received 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a couple of apartments in Hither Green both have in the region of forty five years left on the lease term. Do I need to be concerned?

    There is no doubt about it. A leasehold flat in Hither Green is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Hither Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    Do you have any top tips for leasehold conveyancing in Hither Green with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Hither Green can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
    • The majority freeholders or managing agents in Hither Green levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Hither Green.
  • Some Hither Green leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming formality and slows down many a Hither Green home move. If a new share is needed, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. 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 below 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Hither Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price payable.

    An example of a Freehold Enfranchisement decision for a Hither Green flat is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case was in relation to 3 flats. The the unexpired term as at the valuation date was 69.05 years.

    Other Topics

    Lease Extensions in Hither Green