Guaranteed fixed fees for Leasehold Conveyancing in Hackney Wick

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Hackney Wick leasehold conveyancing: Q and A’s

Expecting to exchange soon on a leasehold property in Hackney Wick. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

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

  • You should receive a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Are you allowed to have a pet in the flat?
  • You need to be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • 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? For a comprehensive list of information to be included in your report on your leasehold property in Hackney Wick please enquire of your lawyer in ahead of your conveyancing in Hackney Wick

  • I've recently bought a leasehold property in Hackney Wick. Do I have any liability for service charges for periods before completion of my purchase?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

    I am employed by a reputable estate agency in Hackney Wick where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Hackney Wick conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. 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 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 buyer.

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

    • Much of the frustration in leasehold conveyancing in Hackney Wick can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • The majority landlords or managing agents in Hackney Wick levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Hackney Wick.
  • Some Hackney Wick leases require Landlord’s consent to the sale and approval of the buyers. 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 financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unresolved. You may need to swallow your pride 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 particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £250000 apartment in Hackney Wick next Thursday . The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Hackney Wick?

    For the majority of leasehold sales in Hackney Wick conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Addressing pre-exchange questions
    • Where consent is required before sale in Hackney Wick
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Hackney Wick leasehold property is £350. For Hackney Wick conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

    I inherited a a ground floor purpose built flat in Hackney Wick. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?

    in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to determine the price payable.

    An example of a Freehold Enfranchisement case for a Hackney Wick 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.