Frequently asked questions relating to New Eltham leasehold conveyancing
I am in need of some leasehold conveyancing in New Eltham. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in New Eltham - then the leasehold title will always include the short particulars 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.
My wife and I purchased a leasehold house in New Eltham. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in New Eltham who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a New Eltham conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful 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 New Eltham which have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property 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 advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
Completion in due on the sale of our £275000 flat in New Eltham in 5 days. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in New Eltham?
For the majority of leasehold sales in New Eltham 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-contract questions
- Where consent is required before sale in New Eltham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in New Eltham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a New Eltham conveyancing firm who can help.
An example of a Lease Extension case for a New Eltham premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.
What makes a New Eltham lease problematic?
Leasehold conveyancing in New Eltham is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.