Sample questions relating to Hackney Marshes leasehold conveyancing
There are only Fifty years remaining on my flat in Hackney Marshes. I need to get lease extension but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases a specialist would be useful to try and locate and prepare an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Hackney Marshes.
Due to sign contracts shortly on a leasehold property in Hackney Marshes. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hackney Marshes should include some of the following:
- You should receive a copy of the lease
What advice can you give us when it comes to choosing a Hackney Marshes conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Hackney Marshes conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Hackney Marshes conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Hackney Marshes from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hackney Marshes can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
- Some Hackney Marshes leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 buyers or their solicitors.
I am the leaseholder of a first flat in Hackney Marshes. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Hackney Marshes conveyancing firm who can help.
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 unexpired term as at the valuation date was 72.02 years.
What makes a Hackney Marshes lease problematic?
Leasehold conveyancing in Hackney Marshes is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter 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. Yorkshire Building Society, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.