Looking forward to complete next month on a studio apartment in Hackney Marshes. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Hackney Marshes should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• Does the lease require carpeting throughout thus preventing wood flooring?
• Whether the lease restricts you from subletting the flat, or having a home office for business
• Whether your lease has a provision for a reserve fund?
• Repair and maintenance of the flat
• 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.
• What the implications are if you breach a clause of your lease?

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hackney Marshes. Conveyancing solicitors have are about 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 rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Hackney Marshes in which case you should be shopping around for a Hackney Marshes conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am a negotiator for a reputable estate agency in Hackney Marshes where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Hackney Marshes conveyancing firms. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Hackney Marshes with the intention of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Hackney Marshes can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Hackney Marshes state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such alterations. Where you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer in the first instance.
• If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
• If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a lengthy formality and slows down many a Hackney Marshes home move. Where a new share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Hackney Marshes conveyancing firm to help?

Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the premium.

An example of a Freehold Enfranchisement case for a Hackney Marshes residence 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 number of years remaining on the existing lease(s) was 72.02 years.

In relation to leasehold conveyancing in Hackney Marshes what are the most common lease defects?

Leasehold conveyancing in Hackney Marshes is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

Leasehold Conveyancing in Hackney Marshes - Sample of Queries Prior to buying

Plenty Hackney Marshes leasehold flats will be liable to pay a service bill for maintenance of the block levied on behalf of the freeholder. Should you purchase the property you will have to pay this liability, normally quarterly accross the year. This could vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a ground rent for you to pay annual, normally this is not a significant sum, say around £50-£100 but you should to check as on occasion it could be prohibitively expensive.