Experts for Leasehold Conveyancing in Peckham

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Top Five Questions relating to Peckham leasehold conveyancing

I am in need of some leasehold conveyancing in Peckham. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Peckham - 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.

Having checked my lease I have discovered that there are only 68 years left on my flat in Peckham. I am keen to extend my lease but my landlord is can not be found. What are my options?

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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. In some cases a specialist should be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Peckham.

Due to sign contracts shortly on a ground floor flat in Peckham. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Peckham 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 ends, and informed of the importance of the 80 year mark
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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 For details of the information to be contained in your report on your leasehold property in Peckham please enquire of your lawyer in advance of your conveyancing in Peckham

  • I am employed by a long established estate agency in Peckham where we have witnessed a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Peckham conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 at the same time as completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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.

    Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 garden flat in Peckham in just under a week. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Peckham?

    Peckham conveyancing on leasehold maisonettes typically necessitates administration charges invoiced by freeholders :

    • Addressing conveyancing due diligence enquiries
    • Where consent is required before sale in Peckham
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Peckham leasehold property is £350. For Peckham conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

    I am the proprietor of a second floor flat in Peckham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?

    Most definitely. We can put you in touch with a Peckham conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Peckham premises is 31 Kings Grove in January 2012. By a claim form issued on 11" August 2011 under action number 1LB01618 in the Lambeth County Court the applicant tenants sought dispensation under section 26 of the Leasehold Reform, Housing and Urban Development Act 1993 from the requirement to serve a notice under section 13 of that Act in order to purchase the freehold of the premises. The Tribunal decided the amount payable for the freehold as £10,728 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 80.5 years.

    Other Topics

    Lease Extensions in Peckham