Frequently asked questions relating to Leyton leasehold conveyancing
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 rather than freehold. I would have thought that there are issues buying a leasehold house in Leyton. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Leyton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Leyton so you should seriously consider looking for a Leyton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
Last month I purchased a leasehold house in Leyton. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to choosing a Leyton conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Leyton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Leyton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Leyton from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Leyton can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Leyton levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Leyton.
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Leyton. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Freehold Enfranchisement case for a Leyton property 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 the unexpired residue of the current lease was 72.02 years.
What makes a Leyton lease unmortgageable?
Leasehold conveyancing in Leyton is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.