Due to exchange soon on a studio apartment in Plumstead. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Plumstead should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I am looking at a two flats in Plumstead both have about forty five years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Plumstead is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Plumstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What advice can you give us when it comes to choosing a Plumstead conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Plumstead conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Plumstead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in Plumstead who can give a testimonial?

We expect to complete the sale of our £350000 garden flat in Plumstead on Monday in a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Plumstead?

Plumstead conveyancing on leasehold maisonettes often involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Plumstead. Can this matter be resolved via the Leasehold Valuation Tribunal?

in cases where there is a missing freeholder or where there is disagreement 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 make a decision on the price payable.

An example of a Lease Extension case for a Plumstead residence 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.

Are there common problems that you come across in leases for Plumstead properties?

Leasehold conveyancing in Plumstead is not unique. All leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed 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 provide security, forcing the purchaser to pull out.

Other Topics

Lease Extensions in Plumstead