Leasehold Conveyancing in Leytonstone - Get a Quote from the leasehold experts approved by your lender

Require a conveyancing quote from a solicitor for leasehold conveyancing in Leytonstone on your lender’s panel? Use our search tool to find approved local Leytonstone conveyancing lawyers or national solicitors on your lender’s panel .

Common questions relating to Leytonstone leasehold conveyancing

I would like to let out my leasehold apartment in Leytonstone. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Notwithstanding that your previous Leytonstone conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission from your landlord or some other party prior to subletting. This means that you cannot sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

My wife and I purchased a leasehold flat in Leytonstone. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Leytonstone who previously acted has long since retired.Do I pay?

First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Leytonstone conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Leytonstone both have in the region of fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Leytonstone is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 a residence 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I am a negotiator for a reputable estate agent office in Leytonstone where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Leytonstone conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 has to be done before, or at the same time as completion of the sale.

An alternative approach is 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.

Can you offer any advice when it comes to choosing a Leytonstone conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Leytonstone conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Leytonstone 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?
  • What are the legal fees for lease extension conveyancing?

  • I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Leytonstone conveyancing firm to act on my behalf?

    Where there is a absentee freeholder or where there is dispute about what the lease extension should cost, 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 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 related to 2 flats. The unexpired lease term was 73.92 years.

    Other Topics

    Lease Extensions in Leytonstone