Experts for Leasehold Conveyancing in Custom House

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Custom House, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Custom House leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Custom House. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Custom House - 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.

Due to sign contracts shortly on a ground floor flat in Custom House. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Custom House should include some of the following:

  • You should be sent a copy of the lease
  • You need to be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Custom House please enquire of your lawyer in advance of your conveyancing in Custom House

  • I am attracted to a two apartments in Custom House both have in the region of 50 years left on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Custom House is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Custom House 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

    Do you have any advice for leasehold conveyancing in Custom House with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Custom House can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
    • Many freeholders or managing agents in Custom House charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Custom House.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and frustrates many a Custom House home move. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • I am the registered owner of a two-bedroom flat in Custom House. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

    Most definitely. We are happy to put you in touch with a Custom House conveyancing firm who can help.

    An example of a Lease Extension decision for a Custom House residence 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 related to 1 flat. The the unexpired term as at the valuation date was 69.77 years.

    What makes a Custom House lease problematic?

    Leasehold conveyancing in Custom House is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.