Leasehold Conveyancing in Hackney Marshes - Get a Quote from the leasehold experts approved by your lender

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Recently asked questions relating to Hackney Marshes leasehold conveyancing

I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Hackney Marshes. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hackney Marshes ?

The majority of houses in Hackney Marshes are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Hackney Marshes in which case you should be looking for a Hackney Marshes conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.

My wife and I purchased a leasehold flat in Hackney Marshes. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Hackney Marshes who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Hackney Marshes conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Hackney Marshes which have about 50 years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Hackney Marshes is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than 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 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 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 Hackney Marshes 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 the agreed 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.

I've recently bought a leasehold flat in Hackney Marshes. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to appointing a Hackney Marshes conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Hackney Marshes conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Hackney Marshes conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • Can they put you in touch with client in Hackney Marshes who can give a testimonial?
  • What are the costs for lease extension conveyancing?

  • Following months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Hackney Marshes. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to arrive at the premium.

    An example of a Freehold Enfranchisement decision for a Hackney Marshes property is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case related to 2 flats. The the unexpired residue of the current lease was 72.02 years.