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Dockland Settlement leasehold conveyancing: Q and A’s

Expecting to complete next month on a studio apartment in Dockland Settlement. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Dockland Settlement should include some of the following:

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from subletting the flat, or working from home
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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 Dockland Settlement please enquire of your lawyer in ahead of your conveyancing in Dockland Settlement

    • I am tempted by the attractive purchase price for a two maisonettes in Dockland Settlement which have in the region of 50 years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Dockland Settlement. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

    I work for a busy estate agency in Dockland Settlement where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Dockland Settlement conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?

    Provided that the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

    An alternative approach is 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 buyer.

    What are your top tips when it comes to choosing a Dockland Settlement conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a solicitor for your lease extension (regardless if they are a Dockland Settlement conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Dockland Settlement conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

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

    • Do you have any top tips for leasehold conveyancing in Dockland Settlement with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Dockland Settlement can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Dockland Settlement state that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such changes. Should you dont have the consents to hand do not communicate with the landlord without checking with your solicitor before hand.
  • A minority of Dockland Settlement leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or resolve 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Organising a re-issued share certificate can be a time consuming process and delays many a Dockland Settlement home move. If a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.

    • I own a second floor flat in Dockland Settlement. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?

    Absolutely. We are happy to put you in touch with a Dockland Settlement conveyancing firm who can help.

    An example of a Lease Extension decision for a Dockland Settlement flat 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 the unexpired term as at the valuation date was 72 years.

    Other Topics

    Lease Extensions in Dockland Settlement