Sample questions relating to Leytonstone leasehold conveyancing
Due to sign contracts shortly on a ground floor flat in Leytonstone. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Leytonstone should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Estate agents have just been given the go-ahead to market my ground floor apartment in Leytonstone.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a couple of maisonettes in Leytonstone both have about forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Leytonstone is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Leytonstone 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 Leytonstone conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Leytonstone conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Leytonstone conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Leytonstone from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Leytonstone can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Leytonstone leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you dont have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Leytonstone conveyancing firm to help?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the amount due.
An example of a Freehold Enfranchisement decision for a Leytonstone premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 73.92 years.