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Sample questions relating to Limehouse leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Limehouse. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Limehouse - 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 today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Limehouse. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Limehouse are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Limehouse so you should seriously consider shopping around for a Limehouse conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two maisonettes in Limehouse both have about 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Limehouse is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 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 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 premises 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 Limehouse conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Do you have any top tips for leasehold conveyancing in Limehouse from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Limehouse can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Limehouse levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Limehouse.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Limehouse leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you dont have the paperwork in place you should not contact the landlord without checking with your solicitor first.
  • Some Limehouse leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400000 maisonette in Limehouse in 8 days. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Limehouse?

    Limehouse conveyancing on leasehold apartments normally requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to do so. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

    I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Limehouse conveyancing firm to act on my behalf?

    in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the amount due.

    An example of a Freehold Enfranchisement matter before the tribunal for a Limehouse flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.

    Other Topics

    Lease Extensions in Limehouse