I am in need of some leasehold conveyancing in Hackney Wick. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most 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.

Due to complete next month on a leasehold property in Hackney Wick. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• Are pets allowed in the flat?

I am looking at a two maisonettes in Hackney Wick both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Hackney Wick is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 Wick 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am a negotiator for a reputable estate agent office in Hackney Wick where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Hackney Wick conveyancing firms. Can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that 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. 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 prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

Notwithstanding our best endeavours, we have been unsuccessful in negotiating a lease extension in Hackney Wick. Can this matter be resolved via the Leasehold Valuation Tribunal?

Most certainly. We can put you in touch with a Hackney Wick conveyancing firm who can help.

An example of a Freehold Enfranchisement decision for a Hackney Wick 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 affected 2 flats. The the unexpired residue of the current lease was 72.02 years.

What makes a Hackney Wick lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Hackney Wick. All leases is drafted differently and drafting errors can result in 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 elements of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.