Fixed-fee leasehold conveyancing in Goodmayes:

While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Goodmayes, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Goodmayes leasehold conveyancing: Q and A’s

Due to complete next month on a leasehold property in Goodmayes. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Goodmayes should include some of the following:

  • You should receive a copy of the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Goodmayes please enquire of your lawyer in advance of your conveyancing in Goodmayes

  • I have just started marketing my 2 bed apartment in Goodmayes.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – Do I pay up?

    The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Goodmayes. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Goodmayes ?

    The majority of houses in Goodmayes are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Goodmayes so you should seriously consider shopping around for a Goodmayes conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

    I am tempted by the attractive purchase price for a couple of apartments in Goodmayes which have approximately 50 years unexpired on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Goodmayes is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 Goodmayes 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.

    Can you provide any advice for leasehold conveyancing in Goodmayes with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Goodmayes can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Goodmayes state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place do not communicate with the landlord without checking with your lawyer before hand.
  • Some Goodmayes leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a lengthy formality and slows down many a Goodmayes conveyancing deal. If a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.

  • I am the proprietor of a garden flat in Goodmayes. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?

    in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the sum to be paid.

    An example of a Lease Extension decision for a Goodmayes 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 affected 1 flat. The remaining number of years on the lease was 61.36 years.

    Other Topics

    Lease Extensions in Goodmayes