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New Addington leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in New Addington. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and most are in New Addington - then the leasehold title will always include the basic details 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.

Looking forward to complete next month on a leasehold property in New Addington. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in New Addington should include some of the following:

  • You should receive a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • The physical extent of the property. This will be the property itself but might include a loft or basement if appropriate.
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in New Addington please enquire of your lawyer in ahead of your conveyancing in New Addington

  • I have just started marketing my basement apartment in New Addington.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – Do I pay up?

    The sensible thing to do is discharge 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. This will smooth the conveyancing process.

    I am looking at a two flats in New Addington both have in the region of 50 years left on the lease term. Will this present a problem?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes 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 get professional help from a conveyancer and surveyor with experience in this area

    Can you provide any advice for leasehold conveyancing in New Addington from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in New Addington can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Many landlords or managing agents in New Addington levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in New Addington.
  • Some New Addington leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (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 buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is essential 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.

  • We have reached the end of our tether in trying to purchase the freehold in New Addington. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the price payable.

    An example of a Freehold Enfranchisement decision for a New Addington property is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The unexpired lease term was 78.32 years.