Fixed-fee leasehold conveyancing in New Eltham:

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Leasehold conveyancing in New Eltham is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in New Eltham and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

New Eltham leasehold conveyancing Example Support Desk Enquiries

I am hoping to complete next month on a ground floor flat in New Eltham. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in New Eltham please ask your conveyancer in ahead of your conveyancing in New Eltham

    • I am attracted to a two maisonettes in New Eltham both have in the region of 50 years remaining on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold apartment in New Eltham is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with New Eltham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    What are your top tips when it comes to finding a New Eltham conveyancing firm to carry out our lease extension conveyancing?

    When appointing a property lawyer for lease extension works (regardless if they are a New Eltham conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non New Eltham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • If they are not ALEP accredited then why not?
  • What are the costs for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in New Eltham from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in New Eltham can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers lawyers.
    • The majority freeholders or Management Companies in New Eltham levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in New Eltham.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in New Eltham state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you dont have the approvals in place you should not contact the landlord without contacting your solicitor before hand.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a time consuming process and frustrates many a New Eltham conveyancing deal. If a reissued share is needed, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • My wife and I have hit a brick wall in trying to purchase the freehold in New Eltham. Can this matter be resolved via the Leasehold Valuation Tribunal?

    You certainly can. We are happy to put you in touch with a New Eltham conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a New Eltham premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.

    What makes a New Eltham lease unacceptable for security purposes?

    Leasehold conveyancing in New Eltham is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • 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

    You may encounter difficulties 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, Bank of Scotland, and Platform Home Loans Ltd all have very detailed 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 provide security, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in New Eltham