Sample questions relating to Cann Hall leasehold conveyancing
I am in need of some leasehold conveyancing in Cann Hall. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and almost all are in Cann Hall - then the leasehold title will always include the short particulars 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 am employed by a long established estate agency in Cann Hall where we see a few flat sales jeopardised due to short leases. I have been given contradictory information from local Cann Hall conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 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 disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
Can you offer any advice when it comes to finding a Cann Hall conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Cann Hall conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Cann Hall conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Cann Hall from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cann Hall can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Cann Hall leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
I am the leaseholder of a garden flat in Cann Hall. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Cann Hall conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Cann Hall premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The the unexpired residue of the current lease was 73.92 years.
When it comes to leasehold conveyancing in Cann Hall what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Cann Hall. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.