Frequently asked questions relating to Sydenham leasehold conveyancing
I am looking at a couple of flats in Sydenham which have approximately fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Sydenham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to choosing a Sydenham conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Sydenham 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 Sydenham 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:
- If the firm is not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Sydenham with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sydenham can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Sydenham leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Should you fail to have the paperwork to hand you should not contact the landlord without contacting your lawyer first.
Completion in due on the sale of our £425000 flat in Sydenham next week. The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Sydenham?
For most leasehold sales in Sydenham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Sydenham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to purchase the freehold in Sydenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Sydenham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Sydenham premises is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case affected 1 flat. The the unexpired residue of the current lease was 69 years.
When it comes to leasehold conveyancing in Sydenham what are the most frequent lease defects?
Leasehold conveyancing in Sydenham is not unique. Most leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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, obliging the buyer to withdraw.