Recently asked questions relating to Peckham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Peckham. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Peckham - 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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Peckham. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Peckham are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Peckham so you should seriously consider shopping around for a Peckham conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Peckham which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Peckham. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to finding a Peckham conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Peckham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Peckham conveyancing practices before you instructing a firm. If the firm 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?
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Peckham conveyancing firm to represent me?
in cases where there is a absentee freeholder or where 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 make a decision on the premium.
An example of a Freehold Enfranchisement decision for a Peckham residence 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 related to 2 flats. The unexpired lease term was 80.5 years.
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