I am on look out for some leasehold conveyancing in Isle of Dogs. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Isle of Dogs - 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've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Isle of Dogs. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Isle of Dogs are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Isle of Dogs so you should seriously consider shopping around for a Isle of Dogs conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Isle of Dogs which have about forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Isle of Dogs is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Isle of Dogs 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 the agreed 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.

What advice can you give us when it comes to appointing a Isle of Dogs conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Isle of Dogs conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Isle of Dogs conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the practice with lease extension legislation?
• What are the costs for lease extension work?

Can you provide any advice for leasehold conveyancing in Isle of Dogs from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Isle of Dogs can be avoided if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Isle of Dogs charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for 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 common cause of delay in leasehold conveyancing in Isle of Dogs.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Isle of Dogs leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer before hand.
• A minority of Isle of Dogs 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 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 service charge figures 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 ensure that you are holding the original share document. Organising a duplicate share certificate is often a time consuming process and delays many a Isle of Dogs conveyancing transaction. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Isle of Dogs. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the price.

An example of a Freehold Enfranchisement case for a Isle of Dogs flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired term was 101.61 years.

Isle of Dogs Leasehold Conveyancing - A selection of Queries before Purchasing

How many of the leaseholders are in arrears for their service charge payments?