Top Five Questions relating to Dagenham leasehold conveyancing
I am on look out for some leasehold conveyancing in Dagenham. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Dagenham - 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.
My wife and I may need to sub-let our Dagenham ground floor flat temporarily due to a career opportunity. We used a Dagenham conveyancing firm in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Dagenham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Expecting to complete next month on a ground floor flat in Dagenham. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Dagenham should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two flats in Dagenham which have about forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Dagenham is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. 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 property 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 Dagenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 top tips for leasehold conveyancing in Dagenham with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Dagenham can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority landlords or managing agents in Dagenham levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Dagenham.
I have had difficulty in trying to purchase the freehold in Dagenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Dagenham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Dagenham residence 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 61.36 years.