I am hoping to sign contracts shortly on a leasehold property in Chadwell Heath. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

Estate agents have just been given the go-ahead to market my 2 bed flat in Chadwell Heath.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Chadwell Heath which have approximately fifty years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Chadwell Heath. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a busy estate agent office in Chadwell Heath where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Chadwell Heath conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension formalities for the buyer?

As long as 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

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.

I own a basement flat in Chadwell Heath. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

Absolutely. We are happy to put you in touch with a Chadwell Heath conveyancing firm who can help.

An example of a Lease Extension decision for a Chadwell Heath flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired term was 61.36 years.

When it comes to leasehold conveyancing in Chadwell Heath what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Chadwell Heath. All leases are individual and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• 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

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

Other Topics

Lease Extensions in Chadwell Heath