Fixed-fee leasehold conveyancing in Forest Hill:

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When it comes to leasehold conveyancing in Forest Hill, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, RBS or Nationwide make sure you find a lawyer on their panel. Find a Forest Hill conveyancing lawyer with our search tool

Forest Hill leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Forest Hill. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Forest Hill - 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 am looking at a couple of maisonettes in Forest Hill both have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to choosing a Forest Hill conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Forest Hill conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Forest Hill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • What volume of lease extensions have they conducted in Forest Hill in the last year?
  • What are the legal fees for lease extension work?

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

    • Much of the frustration in leasehold conveyancing in Forest Hill can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
    • 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 Forest Hill state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer in advance.
  • Some Forest Hill leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 better to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Forest Hill. Can we issue an application to the Residential Property Tribunal Service?

    Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.

    An example of a Lease Extension case for a Forest Hill flat is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The the unexpired residue of the current lease was 61.81 years.

    In relation to leasehold conveyancing in Forest Hill what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Forest Hill. Most leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • 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

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Forest Hill