Fixed-fee leasehold conveyancing in Upper Norwood:

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

Common questions relating to Upper Norwood leasehold conveyancing

I am on look out for some leasehold conveyancing in Upper Norwood. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Upper Norwood - 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.

I am looking at a two apartments in Upper Norwood which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Upper Norwood is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Upper Norwood 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Last month I purchased a leasehold house in Upper Norwood. Am I liable to pay service charges for periods before completion of my purchase?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

What advice can you give us when it comes to choosing a Upper Norwood conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Upper Norwood conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Upper Norwood 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:

  • How experienced is the firm with lease extension legislation?
  • Can they put you in touch with client in Upper Norwood who can give a testimonial?

  • I inherited a ground floor flat in Upper Norwood. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?

    Most definitely. We can put you in touch with a Upper Norwood conveyancing firm who can help.

    An example of a Lease Extension case for a Upper Norwood property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case related to 1 flat. The remaining number of years on the lease was 26.38 years.

    What makes a Upper Norwood lease problematic?

    Leasehold conveyancing in Upper Norwood is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that 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 elements of the premises
    • 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in Upper Norwood