Frequently asked questions relating to Epping leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Epping. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Epping - 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 leasehold property in Epping. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Epping should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am a negotiator for a long established estate agency in Epping where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Epping conveyancing firms. Could you clarify whether the seller 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 before, or at the same time as 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.
What are your top tips when it comes to choosing a Epping conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Epping conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Epping conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
In relation to leasehold conveyancing in Epping what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Epping. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
Epping Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
Its a good idea to find out as much as possible about the managing agents as they will either make living at the property much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily matters such as the upkeep of the common parts. You should not be shy to ask other tenants if they are happy with their service. Finally, investigate as to the dates that the service fees are due to the managing agents and specifically what it includes.
Where a Epping lease has fewer than eighty years it will impact the marketability of the apartment. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have owned the premises for a couple of years in order to be entitled to extend the lease.
Plenty Epping leasehold apartments will incur a service charge for maintenance of the building invoiced by the freeholder. Should you buy the property you will have to pay this liability, normally in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a ground rent to be met annual, this is usually not a exorbitant amount, say around £25-£75 but you need to enquire it because occasionally it can be prohibitively expensive.