Havering leasehold conveyancing Example Support Desk Enquiries
I am hoping to exchange soon on a ground floor flat in Havering. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Havering should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Havering. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Havering ?
Most houses in Havering are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Havering in which case you should be looking for a Havering conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
I am looking at a two apartments in Havering both have in the region of fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Havering is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Havering 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 advice can you give us when it comes to finding a Havering conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Havering conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Havering 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:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Havering with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Havering can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Havering leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. Where you fail to have the paperwork in place you should not communicate with the landlord without contacting your solicitor in advance.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Havering conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a Havering conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Havering residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The the unexpired residue of the current lease was 57.5 years.