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Leasehold conveyancing in Homerton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Homerton and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Homerton leasehold conveyancing Example Support Desk Enquiries

My wife and I purchased a leasehold house in Homerton. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Homerton who previously acted has now retired.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Homerton conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Homerton both have in the region of fifty years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Homerton. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

Can you offer any advice when it comes to appointing a Homerton conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Homerton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Homerton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Homerton who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Homerton with the intention of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Homerton can be avoided if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Homerton state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand do not contact the landlord without contacting your conveyancer first.
  • A minority of Homerton 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 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Arranging a replacement share certificate can be a time consuming formality and delays many a Homerton conveyancing transaction. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Homerton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

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

    An example of a Freehold Enfranchisement decision for a Homerton residence 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 related to 10 flats. The remaining number of years on the lease was 71.25 years.

    What makes a Homerton lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Homerton. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Mortgage Works, and Bank of Ireland 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 provide security, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in Homerton