East Ham leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in East Ham. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in East Ham - 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.
There are only Fifty years unexpired on my flat in East Ham. I am keen to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent may be helpful to try and locate and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing East Ham.
I am looking at a two flats in East Ham which have approximately forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in East Ham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 East Ham 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 East Ham from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Ham can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
- Many freeholders or Management Companies in East Ham levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in East Ham.
We expect to complete the disposal of our £425000 apartment in East Ham next week. The management company has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in East Ham?
East Ham conveyancing on leasehold flats more often than not involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements 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 requested of you should you wish to complete the sale of your home.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in East Ham. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension matter before the tribunal for a East Ham property 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.