Fixed-fee leasehold conveyancing in Peckham:

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Top Five Questions relating to Peckham leasehold conveyancing

Expecting to sign contracts shortly on a garden flat in Peckham. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your 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 expires, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the premises. This will be the apartment itself but may incorporate a roof space or basement if applicable.
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Peckham please ask your conveyancer in advance of your conveyancing in Peckham

  • I have just started marketing my basement apartment in Peckham.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – what should I do?

    It best that you clear the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Peckham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Peckham ?

    Most houses in Peckham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Peckham in which case you should be shopping around for a Peckham conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

    I am looking at a couple of apartments in Peckham both have in the region of forty five years remaining on the lease term. 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 a lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

    I am a negotiator for a reputable estate agent office in Peckham where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Peckham conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    I am the leaseholder of a second floor flat in Peckham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

    if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price.

    An example of a Freehold Enfranchisement case for a Peckham property 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 the unexpired term as at the valuation date was 80.5 years.

    Other Topics

    Lease Extensions in Peckham