I am on look out for some leasehold conveyancing in Chingford. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% 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.

I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Chingford. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Chingford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Chingford in which case you should be looking for a Chingford conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a two maisonettes in Chingford which have about 50 years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Chingford. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to finding a Chingford conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Chingford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Chingford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• Can they put you in touch with client in Chingford who can give a testimonial?

What are the costs for lease extension work?

All being well we will complete the disposal of our £425000 apartment in Chingford in 8 days. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Chingford?

For most leasehold sales in Chingford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-contract enquiries
• Where consent is required before sale in Chingford
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Chingford leasehold property is £350. For Chingford conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Chingford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the price payable.

An example of a Freehold Enfranchisement matter before the tribunal for a Chingford residence 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 was in relation to 2 flats. The the unexpired term as at the valuation date was 69.26 years.

Other Topics

Lease Extensions in Chingford