Experts for Leasehold Conveyancing in Hackney Wick

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Hackney Wick leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Hackney Wick. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - 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 am attracted to a two apartments in Hackney Wick both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Hackney Wick. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agent office in Hackney Wick where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Hackney Wick conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

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 disposal of the property.

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.

Do you have any top tips for leasehold conveyancing in Hackney Wick with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Hackney Wick can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • The majority freeholders or managing agents in Hackney Wick charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Hackney Wick.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Hackney Wick state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand do not communicate with the landlord without contacting your solicitor before hand.
  • Some Hackney Wick leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Arranging a replacement share certificate is often a time consuming process and slows down many a Hackney Wick conveyancing deal. Where a new share is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.

    • Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hackney Wick. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the premium.

    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 term as at the valuation date was 72.02 years.

    What are the common problems that you see in leases for Hackney Wick properties?

    Leasehold conveyancing in Hackney Wick is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • 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

    You could have 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. National Westminster Bank, Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.