Common questions relating to Leytonstone leasehold conveyancing
Due to sign contracts shortly on a garden flat in Leytonstone. Conveyancing lawyers assured me 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:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a two apartments in Leytonstone both have approximately fifty years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to choosing a Leytonstone conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (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 work. We advise that you speak with two or three firms including non Leytonstone conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Leytonstone with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leytonstone can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or Management Companies in Leytonstone levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Leytonstone.
I am the leaseholder of a ground floor flat in Leytonstone. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment 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 affected 2 flats. The unexpired lease term was 73.92 years.
In relation to leasehold conveyancing in Leytonstone what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Leytonstone. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Birmingham Midshires, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.