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

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Plumstead, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Plumstead leasehold conveyancing: Q and A’s

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Plumstead. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Plumstead ?

The majority of houses in Plumstead are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Plumstead so you should seriously consider shopping around for a Plumstead conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

My wife and I purchased a leasehold flat in Plumstead. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Plumstead who previously acted has now retired.Any advice?

First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Plumstead conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I've recently bought a leasehold flat in Plumstead. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

Can you provide any advice for leasehold conveyancing in Plumstead from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Plumstead can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
  • Many landlords or managing agents in Plumstead levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Plumstead.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Plumstead state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Should you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer before hand.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate is often a lengthy formality and frustrates many a Plumstead conveyancing transaction. If a reissued share is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I have given up trying to purchase the freehold in Plumstead. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the sum to be paid.

    An example of a Lease Extension case for a Plumstead 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 was in relation to 1 flat.

    When it comes to leasehold conveyancing in Plumstead what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Plumstead. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Britannia all have express requirements 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, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in Plumstead