Examples of recent questions relating to leasehold conveyancing in East Ham
I am on look out for some leasehold conveyancing in East Ham. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in East Ham - 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.
I am hoping to exchange soon on a studio apartment in East Ham. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in East Ham should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am a negotiator for a long established estate agency in East Ham where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local East Ham conveyancing firms. Can you confirm whether the owner of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to choosing a East Ham conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a East Ham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non East Ham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions have they conducted in East Ham in the last year?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 garden flat in East Ham in 10 days. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in East Ham?
East Ham conveyancing on leasehold flats more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I own a ground floor flat in East Ham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension decision for a East Ham 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.