When acting for a buyer of one of the many leasehold flats and apartments in Lewisham a Conveyancing Solicitor will want to check that the outstanding term of the lease is sufficient to comply with any mortgage lender’s requirements, and that there are proper arrangements for the management and insurance of the building.
The term of a lease is the period for which it was originally granted; many leases were only granted for a term of 99 years. As some mortgage lenders now require a minimum outstanding term of 70 years, leaseholders may be asked either to get their lease extended, or to serve a statutory notice on the freeholder requiring a 90-year lease extension.
Sellers will usually have to take some action as otherwise they may find it virtually impossible to sell. Fridaysmove recommended Conveyancing Solicitors will be able to assist with the legal work, and Fridaysmove can also arrange for a surveyor to provide a valuation of the premium which ought to be paid for a lease extension, a necessary requirement when pursuing the statutory route to lease extension.
Lewisham Conveyancing for 'Right-to-buy' property
Where a former tenant has purchased a flat from Lewisham Council under the right-to-buy scheme for council tenants, the building in which the flat is located will continue to be managed by Lewisham Homes Leasehold Services, 9 Holbeach Road, Catford SE6 4TW.
They will provide all the necessary management information required by buyer’s Conveyancing Solicitors, including insurance details and service charge accounts. An important area of concern when buying these ex-council flats is that Lewisham Council has the right to carry out major works to the building, such as renewing lifts, electrical systems or other services, and carrying out major structural rebuilding, and each private flat-owner will be liable to pay a proportion of the cost of such works when they have been completed.
Although the total amount chargeable to flat-owners may be capped, flat owners have received bills for £20, 000 and more. Although the owners of flats in privately-owned blocks may also be liable for the cost of major works, the freeholder or company responsible for managing the building will usually arrange for money to be collected every years as part of the regular service charge which is put aside in a reserve or sinking fund which is then available to cover the cost of major works. This avoids the risk of flat owners receiving massive bills when work has to be done.
Fridaysmove can recommend Conveyancing Solicitors in Lewisham who will be able to carry out expert Conveyancing on homes throughout the borough, so get an Online Quote now.