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
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.
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.