Lea Bridge leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Lea Bridge. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Lea Bridge - 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.
Due to sign contracts shortly on a ground floor flat in Lea Bridge. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Lea Bridge should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Lea Bridge. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Lea Bridge are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Lea Bridge in which case you should be shopping around for a Lea Bridge conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. 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 appraise you on the various issues.
I am attracted to a two apartments in Lea Bridge which have about 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Lea Bridge is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than 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 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.
Can you offer any advice when it comes to choosing a Lea Bridge conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Lea Bridge conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Lea Bridge 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 useful:
- What volume of lease extensions have they carried out in Lea Bridge in the last twenty four months?
Having spent months of dialogue 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?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the premium.
An example of a Freehold Enfranchisement decision for a Lea Bridge property 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 affected 10 flats. The remaining number of years on the lease was 71.25 years.