Questions and Answers: Leytonstone leasehold conveyancing
I am in need of some leasehold conveyancing in Leytonstone. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Leytonstone - 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.
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Leytonstone. I am keen to get lease extension but my landlord is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent should be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Leytonstone.
I am hoping to sign contracts shortly on a studio apartment in Leytonstone. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Leytonstone should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I work for a busy estate agency in Leytonstone where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Leytonstone conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
What advice can you give us when it comes to finding a Leytonstone conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Leytonstone conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Leytonstone conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Leytonstone conveyancing firm to act on my behalf?
if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Freehold Enfranchisement decision 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 affected 2 flats. The unexpired lease term was 73.92 years.