Questions and Answers: East Beckton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in East Beckton. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in East Beckton - 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.
Due to complete next month on a garden flat in East Beckton. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in East Beckton should include some of the following:
- You should be sent a copy of the lease
I am looking at a two flats in East Beckton both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in East Beckton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. 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 property 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 East Beckton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What are your top tips when it comes to finding a East Beckton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a East Beckton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non East Beckton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in East Beckton from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in East Beckton can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? East Beckton leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. If you dont have the paperwork to hand you should not contact the landlord without checking with your lawyer in the first instance.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in East Beckton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a East Beckton conveyancing firm who can help.
An example of a Lease Extension decision for a East Beckton flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 69.77 years.