Chingford leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Chingford. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Chingford - 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.
Expecting to sign contracts shortly on a garden flat in Chingford. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chingford should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am attracted to a couple of flats in Chingford both have approximately fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to finding a Chingford conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Chingford conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Chingford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
All being well we will complete the disposal of our £500000 maisonette in Chingford next week. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Chingford?
Chingford conveyancing on leasehold flats usually necessitates the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the proprietor of a ground floor flat in Chingford. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Chingford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Chingford premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term was 69.26 years.