Examples of recent questions relating to leasehold conveyancing in Becontree
I am in need of some leasehold conveyancing in Becontree. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Becontree - 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 be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Becontree. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Becontree ?
The majority of houses in Becontree are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Becontree in which case you should be looking for a Becontree conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
I am a negotiator for a reputable estate agent office in Becontree where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Becontree conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is 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 prior to, 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.
Can you provide any advice for leasehold conveyancing in Becontree from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Becontree can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Becontree leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such changes. If you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer in advance.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Becontree. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension decision for a Becontree property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The remaining number of years on the lease was 61.36 years.
What makes a Becontree lease problematic?
Leasehold conveyancing in Becontree is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.