Common questions relating to South London leasehold conveyancing
Planning to complete next month on a basement flat in South London. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in South London should include some of the following:
- You must be told what counts as a Nuisance in the lease
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in South London. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in South London are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in South London in which case you should be shopping around for a South London conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am attracted to a two flats in South London both have approximately forty five years unexpired on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
Do you have any top tips for leasehold conveyancing in South London with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in South London can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in South London state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. If you fail to have the consents in place you should not communicate with the landlord without contacting your lawyer in the first instance.
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in South London. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a South London conveyancing firm who can help.
An example of a Lease Extension decision for a South London residence is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case related to 1 flat. The the unexpired residue of the current lease was 65.21 years.
When it comes to leasehold conveyancing in South London what are the most common lease defects?
Leasehold conveyancing in South London is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. 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.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have express requirements 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 grant the mortgage, obliging the purchaser to pull out.