Having had my offer accepted I require leasehold conveyancing in Honor Oak. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Honor Oak - 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 have just started marketing my garden flat in Honor Oak.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Honor Oak. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Honor Oak ?

Most houses in Honor Oak are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Honor Oak so you should seriously consider shopping around for a Honor Oak conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am attracted to a couple of maisonettes in Honor Oak which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

My wife and I have hit a brick wall in trying to purchase the freehold in Honor Oak. Can this matter be resolved via the Leasehold Valuation Tribunal?

Absolutely. We are happy to put you in touch with a Honor Oak conveyancing firm who can help.

An example of a Lease Extension case for a Honor Oak flat 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 unexpired term was 61.81 years.

In relation to leasehold conveyancing in Honor Oak what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Honor Oak. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• 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 will have 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. Accord Mortgages Ltd, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Other Topics

Lease Extensions in Honor Oak