Guaranteed fixed fees for Leasehold Conveyancing in Homerton

When it comes to leasehold conveyancing in Homerton, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or NatWest make sure you find a lawyer on their panel. Find a Homerton conveyancing lawyer with our search tool

Common questions relating to Homerton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Homerton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Homerton - then the leasehold title will always include the basic details 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 tempted by the attractive purchase price for a two flats in Homerton which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Homerton. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money 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

What are your top tips when it comes to choosing a Homerton conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Homerton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Homerton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • What volume of lease extensions has the firm completed in Homerton in the last twenty four months?
  • What are the charges for lease extension conveyancing?

  • We expect to complete our sale of a £350000 garden flat in Homerton on Thursday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Homerton?

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

    • Answering pre-contract enquiries
    • Where consent is required before sale in Homerton
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Homerton leasehold property is £350. For Homerton 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 required to provide answers.

    I have tried to negotiate informally with with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Homerton conveyancing firm to assist?

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

    An example of a Freehold Enfranchisement matter before the tribunal for a Homerton flat is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The unexpired lease term was 71.25 years.

    What makes a Homerton lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Homerton. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • 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.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, 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 is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Homerton