Recently asked questions relating to Leytonstone leasehold conveyancing
I am in need of some leasehold conveyancing in Leytonstone. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Leytonstone - then the leasehold title will always include the short particulars 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.
I only have Fifty years remaining on my flat in Leytonstone. I now wish to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to find the freeholder. In some cases an enquiry agent may be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Leytonstone.
I am attracted to a couple of apartments in Leytonstone which have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Leytonstone is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 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.
Can you offer any advice when it comes to choosing a Leytonstone conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Leytonstone conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak 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 might be of use:
- If the firm is not ALEP accredited then what is the reason?
If all goes to plan we aim to complete our sale of a £125000 garden flat in Leytonstone next Wednesday . The management company has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Leytonstone?
Leytonstone conveyancing on leasehold apartments normally involves administration charges invoiced by freeholders :
- Completing pre-contract enquiries
- Where consent is required before sale in Leytonstone
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Leytonstone conveyancing firm to act on my behalf?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement decision for a Leytonstone residence 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 unexpired residue of the current lease was 73.92 years.
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