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Canning Town leasehold conveyancing: Q and A’s

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 more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Canning Town. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Canning Town ?

The majority of houses in Canning Town are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Canning Town so you should seriously consider looking for a Canning Town conveyancing solicitor and check that they are used to dealing with 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 to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

I am looking at a couple of maisonettes in Canning Town both have in the region of forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Canning Town is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Canning Town conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Canning Town. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to appointing a Canning Town conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Canning Town conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Canning Town conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If the firm is not ALEP accredited then why not?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Canning Town with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Canning Town can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers lawyers.
    • The majority landlords or managing agents in Canning Town charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Canning Town.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Canning Town state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the consents in place do not contact the landlord without contacting your lawyer before hand.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • We have reached the end of our tether in seeking a lease extension in Canning Town. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most certainly. We can put you in touch with a Canning Town conveyancing firm who can help.

    An example of a Lease Extension decision for a Canning Town premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 69.77 years.

    Other Topics

    Lease Extensions in Canning Town