Recently asked questions relating to Bermondsey leasehold conveyancing
I am in need of some leasehold conveyancing in Bermondsey. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Bermondsey - 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.
I have recently realised that I have 72 years left on my flat in Bermondsey. I now wish to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. In some cases a specialist should be useful to try and locate and prepare an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Bermondsey.
I own a leasehold flat in Bermondsey. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Bermondsey who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Bermondsey conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of maisonettes in Bermondsey both have approximately fifty years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Bermondsey. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
I have given up negotiating a lease extension in Bermondsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Bermondsey conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bermondsey premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term was 107 years.
When it comes to leasehold conveyancing in Bermondsey what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Bermondsey. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Britannia 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 provide security, obliging the purchaser to pull out.
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