Guaranteed fixed fees for Leasehold Conveyancing in Bow

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Common questions relating to Bow leasehold conveyancing

I am in need of some leasehold conveyancing in Bow. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% 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.

I want to sublet my leasehold apartment in Bow. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bow do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I own a leasehold flat in Bow. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Bow who previously acted has long since retired.Any advice?

The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Bow conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What advice can you give us when it comes to finding a Bow conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Bow conveyancing firm) it is most important 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 Bow conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions has the firm conducted in Bow in the last 12 months?

  • Do you have any top tips for leasehold conveyancing in Bow with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Bow can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • The majority landlords or Management Companies in Bow charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bow.
  • A minority of Bow leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Organising a duplicate share certificate can be a lengthy process and frustrates many a Bow conveyancing transaction. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • I own a second floor flat in Bow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

    Most certainly. We are happy to put you in touch with a Bow conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Bow property 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.