Recently asked questions relating to Lee leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Lee. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Lee ?
Most houses in Lee are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Lee so you should seriously consider shopping around for a Lee conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Lee both have in the region of 50 years unexpired on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
I've recently bought a leasehold house in Lee. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 be sure 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).
Can you provide any advice for leasehold conveyancing in Lee with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Lee can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Lee leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the paperwork in place you should not communicate with the landlord without checking with your lawyer before hand.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £500000 garden flat in Lee next week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Lee?
For the majority of leasehold sales in Lee conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Lee
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
We have reached the end of our tether in trying to purchase the freehold in Lee. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Lee premises 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 unexpired lease term was 69.05 years.