Leasehold Conveyancing in New Addington - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing practice can theoretically handle your leasehold conveyancing in New Addington, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

New Addington leasehold conveyancing: Q and A’s

There are only 68 years remaining on my lease in New Addington. I need to extend my lease but my landlord is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the landlord. On the whole a specialist should be helpful to carry out a search and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court covering New Addington.

I am looking at a two apartments in New Addington which have in the region of forty five years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in New Addington is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more positive 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 New Addington 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What are your top tips when it comes to appointing a New Addington conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a New Addington conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non New Addington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the firm with lease extension legislation?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in New Addington with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in New Addington can be reduced where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in New Addington charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in New Addington.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in New Addington state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such alterations. Where you dont have the approvals to hand do not communicate with the landlord without checking with your conveyancer in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy formality and slows down many a New Addington conveyancing deal. If a new share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • I have had difficulty in seeking a lease extension in New Addington. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, 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 Freehold Enfranchisement case for a New Addington residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The the unexpired term as at the valuation date was 78.32 years.

    In relation to leasehold conveyancing in New Addington what are the most common lease problems?

    Leasehold conveyancing in New Addington is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.