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Examples of recent questions relating to leasehold conveyancing in Hornchurch

There are only Seventy years unexpired on my lease in Hornchurch. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent would be useful to conduct investigations and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Hornchurch.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Hornchurch. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Hornchurch 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 buying in Hornchurch so you should seriously consider looking for a Hornchurch conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.

My wife and I purchased a leasehold flat in Hornchurch. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Hornchurch who acted for me is not around.What should I do?

First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to instruct a Hornchurch conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Hornchurch both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Hornchurch is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and mortgage companies, 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 Hornchurch conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 advice for leasehold conveyancing in Hornchurch from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Hornchurch can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers solicitors.
  • The majority freeholders or managing agents in Hornchurch levy fees for providing management packs for a leasehold homes. 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 reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hornchurch.
  • Some Hornchurch leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a lengthy formality and delays many a Hornchurch home move. Where a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore important 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.

    • I inherited a ground floor flat in Hornchurch. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

    if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the price.

    An example of a Lease Extension matter before the tribunal for a Hornchurch residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term was 57.5 years.

    Other Topics

    Lease Extensions in Hornchurch