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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Lower Clapton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Lower Clapton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Lower Clapton. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Lower Clapton - 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've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Lower Clapton. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Lower Clapton ?

The majority of houses in Lower Clapton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Lower Clapton in which case you should be shopping around for a Lower Clapton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

Last month I purchased a leasehold property in Lower Clapton. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to finding a Lower Clapton conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Lower Clapton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Lower Clapton 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 helpful:

  • If they are not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Lower Clapton with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Lower Clapton can be bypassed 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 lawyers.
    • The majority freeholders or Management Companies in Lower Clapton charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Lower Clapton.
  • Some Lower Clapton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a new share certificate can be a time consuming process and frustrates many a Lower Clapton home move. If a duplicate share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • Notwithstanding our best endeavours, we have been unsuccessful in negotiating a lease extension in Lower Clapton. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to calculate the price.

    An example of a Freehold Enfranchisement case for a Lower Clapton premises is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case related to 10 flats. The unexpired lease term was 71.25 years.