Fixed-fee leasehold conveyancing in Lea Bridge:

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Lea Bridge leasehold conveyancing: Q and A’s

I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Lea Bridge. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Lea Bridge are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Lea Bridge so you should seriously consider shopping around for a Lea Bridge conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I own a leasehold flat in Lea Bridge. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Lea Bridge who previously acted has long since retired.Any advice?

First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Lea Bridge conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Lea Bridge which have in the region of fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Lea Bridge is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 Lea Bridge 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 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 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.

Can you provide any top tips for leasehold conveyancing in Lea Bridge from the perspective of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Lea Bridge can be bypassed where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
  • Many landlords or Management Companies in Lea Bridge levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Lea Bridge.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Lea Bridge state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Where you fail to have the consents in place you should not contact the landlord without contacting your lawyer in advance.
  • Some Lea Bridge leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand 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 there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over rather than unsettled.

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

    if there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.

    An example of a Freehold Enfranchisement decision for a Lea Bridge premises 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 the unexpired residue of the current lease was 71.25 years.

    In relation to leasehold conveyancing in Lea Bridge what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Lea Bridge. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.