Experts for Leasehold Conveyancing in Otford

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

Examples of recent questions relating to leasehold conveyancing in Otford

Having checked my lease I have discovered that there are only 72 years unexpired on my flat in Otford. I am keen to get lease extension but my freeholder is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. For most situations a specialist would be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Otford.

I have just started marketing my 2 bed apartment in Otford.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – Do I pay up?

The sensible thing to do is discharge the service charge 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 until 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 tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Otford. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Otford ?

The majority of houses in Otford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Otford so you should seriously consider shopping around for a Otford conveyancing practitioner and check that they have experience in dealing with 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 comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Otford both have in the region of fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Otford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 a residence 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 Otford 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 the agreed 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.

Can you provide any advice for leasehold conveyancing in Otford from the perspective of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Otford can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
  • Many landlords or Management Companies in Otford levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Otford.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Otford state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such changes. Where you fail to have the paperwork to hand do not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Otford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice 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 financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved.

    • Otford Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing

      It is important to be aware if a new roof is being put on or some other significant cost is coming up to be shared by the leasehold owners and will materially impact the level of the service charges or require a specific invoice. What is the length of the lease? Please tell me if there are any major works on the horizon that will add a premium to the service costs?

    Other Topics

    Lease Extensions in Otford