Guaranteed fixed fees for Leasehold Conveyancing in Streatham

While any conveyancing practice can theoretically handle your leasehold conveyancing in Streatham, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Streatham leasehold conveyancing

I am on look out for some leasehold conveyancing in Streatham. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Streatham - then the leasehold title will always include the basic details 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.

There are only Seventy years remaining on my flat in Streatham. I need to get lease extension but my freeholder is can not be found. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. For most situations an enquiry agent may be useful to carry out a search and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Streatham.

I have just appointed agents to market my garden apartment in Streatham.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you 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 unless 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. This will smooth the conveyancing process.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Streatham. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Streatham ?

Most houses in Streatham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Streatham so you should seriously consider looking for a Streatham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a two flats in Streatham both have about 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Streatham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with less than 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 Streatham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Streatham conveyancing firm to represent me?

You certainly can. We are happy to put you in touch with a Streatham conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Streatham residence is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case was in relation to 1 flat. The remaining number of years on the lease was 23.25 years.

Other Topics

Lease Extensions in Streatham