Leasehold Conveyancing in Hainault - Get a Quote from the leasehold experts approved by your lender

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Examples of recent questions relating to leasehold conveyancing in Hainault

Planning to complete next month on a studio apartment in Hainault. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

  • The total extent of the premises. This will be the property itself but may incorporate a loft or basement if appropriate.
  • 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
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Hainault please ask your solicitor in advance of your conveyancing in Hainault

    • I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Hainault. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hainault ?

    The majority of houses in Hainault are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Hainault so you should seriously consider shopping around for a Hainault conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

    Back In 2001, I bought a leasehold house in Hainault. Conveyancing and TSB mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Hainault who acted for me is not around.Do I pay?

    First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Hainault conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am attracted to a two maisonettes in Hainault which 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 apartment in Hainault is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. 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 property 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 premises 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 Hainault conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

    Do you have any top tips for leasehold conveyancing in Hainault from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Hainault can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
    • Many landlords or managing agents in Hainault levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hainault.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Hainault leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such works. Where you fail to have the consents in place you should not communicate with the landlord without contacting your lawyer in the first instance.
  • Some Hainault leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 solicitors.
  • You believe that you know the number of years left on your lease but you should verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • We have reached the end of our tether in trying to purchase the freehold in Hainault. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a missing landlord or if 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 Leasehold Valuation Tribunal to calculate the price payable.

    An example of a Freehold Enfranchisement matter before the tribunal for a Hainault premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The remaining number of years on the lease was 69.26 years.

    Other Topics

    Lease Extensions in Hainault