Fixed-fee leasehold conveyancing in Abbey Wood:

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When it comes to leasehold conveyancing in Abbey Wood, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, RBS or Nationwide make sure you choose a lawyer on their approved list. Find a Abbey Wood conveyancing lawyer with our search tool

Abbey Wood leasehold conveyancing: Q and A’s

I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Abbey Wood. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Abbey Wood ?

Most houses in Abbey Wood are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Abbey Wood in which case you should be looking for a Abbey Wood conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.

I am attracted to a couple of apartments in Abbey Wood which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Abbey Wood. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

I am a negotiator for a reputable estate agent office in Abbey Wood where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Abbey Wood conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you provide any top tips for leasehold conveyancing in Abbey Wood from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Abbey Wood can be reduced where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Abbey Wood state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such changes. Should you dont have the paperwork in place do not contact the landlord without contacting your conveyancer in advance.
  • Some Abbey Wood leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are 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 purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy formality and frustrates many a Abbey Wood home move. Where a new share is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • I inherited a ground floor flat in Abbey Wood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?

    Absolutely. We can put you in touch with a Abbey Wood conveyancing firm who can help.

    An example of a Lease Extension decision for a Abbey Wood flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.

    In relation to leasehold conveyancing in Abbey Wood what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Abbey Wood. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Abbey Wood