Fixed-fee leasehold conveyancing in Woolwich:

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Woolwich leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Woolwich. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Woolwich - then the leasehold title will always include the short particulars 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 hoping to exchange soon on a leasehold property in Woolwich. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Woolwich should include some of the following:

  • You should be sent a copy of the lease
  • Defining your rights in relation to the communal areas in the block.For instance, does the lease permit a right of way over a path or hallways?
  • You need to be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be contained in your report on your leasehold property in Woolwich please ask your solicitor in ahead of your conveyancing in Woolwich

    • I am attracted to a couple of maisonettes in Woolwich which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Woolwich. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

    Do you have any advice for leasehold conveyancing in Woolwich with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Woolwich can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • Many freeholders or managing agents in Woolwich charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Woolwich.
  • A minority of Woolwich leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Organising a new share certificate can be a time consuming process and delays many a Woolwich conveyancing deal. Where a new share certificate is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential 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 premises on the market for sale.

    • I have given up trying to reach an agreement for a lease extension in Woolwich. Can this matter be resolved via the Leasehold Valuation Tribunal?

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

    An example of a Lease Extension decision for a Woolwich premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The remaining number of years on the lease was 69.77 years.

    What makes a Woolwich lease unacceptable for security purposes?

    Leasehold conveyancing in Woolwich is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Woolwich