Recently asked questions relating to Chigwell leasehold conveyancing
I am on look out for some leasehold conveyancing in Chigwell. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Chigwell - 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Chigwell. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Chigwell ?
The majority of houses in Chigwell are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Chigwell in which case you should be shopping around for a Chigwell conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
I am tempted by the attractive purchase price for a two maisonettes in Chigwell which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Chigwell. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
I am employed by a busy estate agent office in Chigwell where we see a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Chigwell conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Completion in due on our sale of a £275000 flat in Chigwell on Thursday in a week. The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Chigwell?
Chigwell conveyancing on leasehold maisonettes nine out of ten times involves fees being levied by management companies :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Chigwell
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Chigwell conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Chigwell conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Chigwell property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The the unexpired residue of the current lease was 69.26 years.