Leasehold Conveyancing in Penge - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Penge is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Penge and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Penge leasehold conveyancing Example Support Desk Enquiries

Planning to complete next month on a ground floor flat in Penge. Conveyancing solicitors inform me 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 Penge should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in relation to common areas in the block.For instance, does the lease grant a right of way over a path or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from letting out the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Penge please ask your lawyer in advance of your conveyancing in Penge

    • I’m about to sell my ground floor flat in Penge.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am looking at a couple of maisonettes in Penge which have approximately 50 years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Penge. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    What advice can you give us when it comes to appointing a Penge conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Penge conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Penge conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • Can they put you in touch with client in Penge who can give a testimonial?
  • What are the charges for lease extension work?

    • We have reached the end of our tether in trying to purchase the freehold in Penge. Can this matter be resolved via the Leasehold Valuation Tribunal?

    if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the sum to be paid.

    An example of a Lease Extension case for a Penge flat is Flats 5, 9, 38 & 40 Blakewood Court Anerley Park in January 2012. the tribunal held that the premiums payable for the new lease sare: FLAT 5:- £7,130 FLAT 9:- £7,860 FLAT 38:- £15,867 FLAT 40: £14,834 This case affected 4 flats.

    What makes a Penge lease problematic?

    There is nothing unique about leasehold conveyancing in Penge. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in Penge