Recently asked questions relating to Dockland Settlement leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Dockland Settlement. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Dockland Settlement - 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 today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Dockland Settlement. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Dockland Settlement are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Dockland Settlement so you should seriously consider looking for a Dockland Settlement conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I am looking at a couple of maisonettes in Dockland Settlement which have approximately 50 years left on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I work for a reputable estate agent office in Dockland Settlement where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. 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 instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.
What are your top tips when it comes to choosing a Dockland Settlement conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Dockland Settlement conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Dockland Settlement conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
I inherited a a ground floor purpose built flat in Dockland Settlement. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
You certainly can. We can put you in touch with a Dockland Settlement conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Dockland Settlement residence 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 residue of the current lease was 72 years.