Battlesbridge leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Battlesbridge. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Battlesbridge - 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 hoping to exchange soon on a ground floor flat in Battlesbridge. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Battlesbridge should include some of the following:
- Setting out your legal entitlements in relation to common areas in the block.By way of example, does the lease include a right of way over an accessway or hallways?
I am attracted to a couple of flats in Battlesbridge both have approximately 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Battlesbridge is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with under 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 Battlesbridge 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I work for a reputable estate agency in Battlesbridge where we have experienced a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Battlesbridge conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 garden flat in Battlesbridge on Friday in a week. The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Battlesbridge?
Battlesbridge conveyancing on leasehold maisonettes normally results in fees being levied by management companies :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Battlesbridge
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Battlesbridge Leasehold Conveyancing - Sample of Queries before Purchasing
Are any of leasehold owners in dispute over their service charge payments?
The answer will be useful as a) areas may cause problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the tenants have a dispute with the managing agents you will need to have all the details
You should be aware that where the lease has fewer than 80 years it will have adverse implications on the salability of the property. Check with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the property for two years before you are eligible to carry out a lease extension.