Experts for Leasehold Conveyancing in Bow

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Leasehold conveyancing in Bow is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Bow and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Bow leasehold conveyancing

I have recently realised that I have Fifty years unexpired on my lease in Bow. I need to extend my lease but my landlord is absent. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. On the whole a specialist would be useful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Bow.

Looking forward to sign contracts shortly on a basement flat in Bow. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Bow should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You should be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be contained in your report on your leasehold property in Bow please ask your solicitor in advance of your conveyancing in Bow

    • I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Bow. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bow ?

    The majority of houses in Bow are freehold rather than 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 apparent that you are buying in Bow so you should seriously consider shopping around for a Bow conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

    Do you have any top tips for leasehold conveyancing in Bow from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Bow can be bypassed if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or managing agents in Bow levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bow.
  • Some Bow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate is often a time consuming process and slows down many a Bow home move. Where a reissued share is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • We expect to complete our sale of a £450000 flat in Bow in six days. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Bow?

    Bow conveyancing on leasehold maisonettes usually requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are entitled charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.

    After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Bow. Can we issue an application to the Residential Property Tribunal Service?

    Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

    An example of a Freehold Enfranchisement decision for a Bow residence is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.