Examples of recent questions relating to leasehold conveyancing in Hackney Marshes
Estate agents have just been given the go-ahead to market my garden apartment in Hackney Marshes.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is pay the service charge 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Hackney Marshes. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hackney Marshes ?
Most houses in Hackney Marshes are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Hackney Marshes so you should seriously consider shopping around for a Hackney Marshes conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I work for a long established estate agent office in Hackney Marshes where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Hackney Marshes conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is 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 has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Hackney Marshes with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hackney Marshes can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- The majority freeholders or Management Companies in Hackney Marshes levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hackney Marshes.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Hackney Marshes. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Hackney Marshes conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Hackney Marshes flat 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 was in relation to 2 flats. The the unexpired residue of the current lease was 72.02 years.
What makes a Hackney Marshes lease defective?
Leasehold conveyancing in Hackney Marshes is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- 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 encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.