Recently asked questions relating to Leyton leasehold conveyancing
I am on look out for some leasehold conveyancing in Leyton. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Leyton - 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Leyton. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Leyton ?
Most houses in Leyton 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 Leyton so you should seriously consider looking for a Leyton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a two flats in Leyton both have in the region of fifty years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agent office in Leyton where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Leyton conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 maisonette in Leyton next week. The managing agents has quoted £324 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Leyton?
For the majority of leasehold sales in Leyton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Leyton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a ground-floor 1950’s flat in Leyton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Leyton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Leyton residence is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case was in relation to 2 flats. The unexpired lease term was 72.02 years.