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Recently asked questions relating to Bow leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Bow. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Bow - 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 sign contracts shortly on a basement flat in Bow. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?

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

  • Setting out your legal entitlements in relation to common areas in the block.For example, does the lease provide for a right of way over a path or staircase?
  • Whether your lease has a provision for a reserve fund?
  • 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.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Bow please ask your lawyer in ahead of your conveyancing in Bow

    • Can you offer any advice when it comes to appointing a Bow conveyancing firm to deal with our lease extension?

    When appointing a solicitor for lease extension works (regardless if they are a Bow conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Bow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

    • Can they put you in touch with client in Bow who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Bow with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bow can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • The majority landlords or Management Companies in Bow charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary 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, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a re-issued share certificate can be a time consuming process and frustrates many a Bow conveyancing deal. Where a new share certificate is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • All being well we will complete the sale of our £200000 flat in Bow next week. The management company has quoted £372 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bow?

    Bow conveyancing on leasehold apartments often involves the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Bow conveyancing firm to assist?

    if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price payable.

    An example of a Freehold Enfranchisement matter before the tribunal 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.