Frequently asked questions relating to South East London leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in South East London. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in South East London - 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.
Planning to complete next month on a leasehold property in South East London. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in South East London should include some of the following:
- You should receive a copy of the lease
Back In 2004, I bought a leasehold flat in South East London. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in South East London who previously acted has long since retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a South East London conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in South East London. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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 be sure 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).
I own a a ground floor purpose built flat in South East London. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Most definitely. We can put you in touch with a South East London conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a South East London residence is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 73.26 years.
In relation to leasehold conveyancing in South East London what are the most frequent lease problems?
Leasehold conveyancing in South East London is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. 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 property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Nationwide Building Society, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
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