Frequently asked questions relating to Leytonstone leasehold conveyancing
Frank (my husband) and I may need to rent out our Leytonstone 1st floor flat for a while due to a career opportunity. We instructed a Leytonstone conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Leytonstone do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am hoping to exchange soon on a garden flat in Leytonstone. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Leytonstone should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I've recently bought a leasehold flat in Leytonstone. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 Leytonstone conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Leytonstone conveyancing practice) it is essential 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 Leytonstone conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Leytonstone with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leytonstone can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- Many freeholders or managing agents in Leytonstone charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Leytonstone.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Leytonstone. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Leytonstone conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Leytonstone flat is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired term was 73.92 years.