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Recently asked questions relating to Greenwich leasehold conveyancing

I am in need of some leasehold conveyancing in Greenwich. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Greenwich - 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.

You should [be sent a copy of the lease|receive a copy of the lease]

Planning to complete next month on a ground floor flat in Greenwich. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Greenwich should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You need to be told what constitutes a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease?
For a comprehensive list of information to be included in your report on your leasehold property in Greenwich please enquire of your lawyer in ahead of your conveyancing in Greenwich

My wife and I purchased a leasehold house in Greenwich. Conveyancing and Santander mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Greenwich who previously acted has long since retired.Do I pay?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Greenwich conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Greenwich both have approximately 50 years left on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Greenwich with the aim of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Greenwich can be avoided if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
  • The majority landlords or Management Companies in Greenwich levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Greenwich.
  • If you have had conflict with your freeholder 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 warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate can be a lengthy formality and slows down many a Greenwich home move. If a new share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Greenwich. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Most definitely. We are happy to put you in touch with a Greenwich conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Greenwich property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The remaining number of years on the lease was 72 years.

I own a studio flat in Greenwich, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Greenwich with over 90 years remaining are worth £252,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2088

With just 62 years left to run the likely cost is going to be between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.