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
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.
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.