Fixed-fee leasehold conveyancing in Hackney Wick:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Hackney Wick, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Hackney Wick leasehold conveyancing

I am on look out for some leasehold conveyancing in Hackney Wick. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Hackney Wick - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have just appointed agents to market my 2 bed flat in Hackney Wick.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – what should I do?

The sensible thing to do is clear 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 management companies 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.

Last month I purchased a leasehold property in Hackney Wick. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Can you provide any top tips for leasehold conveyancing in Hackney Wick with the intention of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Hackney Wick can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Hackney Wick leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such works. If you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor in advance.
  • Some Hackney Wick leases require Landlord’s consent to the sale and approval of the buyers. 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 financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and frustrates many a Hackney Wick home move. Where a reissued share is necessary, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Hackney Wick conveyancing firm to act on my behalf?

    You certainly can. We are happy to put you in touch with a Hackney Wick conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Hackney Wick premises 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.

    In relation to leasehold conveyancing in Hackney Wick what are the most frequent lease problems?

    Leasehold conveyancing in Hackney Wick is not unique. Most leases are individual and drafting errors can result in certain provisions 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed 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 grant the mortgage, forcing the purchaser to pull out.