Questions and Answers: Lewisham leasehold conveyancing
My wife and I purchased a leasehold house in Lewisham. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Lewisham who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Lewisham conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in Lewisham both have in the region of fifty years left 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 the lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a busy estate agent office in Lewisham where we see a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Lewisham conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Completion in due on our sale of a £425000 apartment in Lewisham next week. The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Lewisham?
Lewisham conveyancing on leasehold flats usually results in fees being levied by management companies :
- Answering pre-contract questions
- Where consent is required before sale in Lewisham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Lewisham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Lewisham residence is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case related to 2 flats. The unexpired term was 72 years.
When it comes to leasehold conveyancing in Lewisham what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Lewisham. Most leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and Godiva Mortgages Ltd 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 withdraw.