Fixed-fee leasehold conveyancing in Manor Park:

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Manor Park, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Manor Park leasehold conveyancing: Q and A’s

Having checked my lease I have discovered that there are only Sixty One years left on my flat in Manor Park. I now wish to extend my lease but my landlord is can not be found. What are my options?

If you qualify, 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist may be helpful to try and locate and prepare a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Manor Park.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Manor Park. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Manor Park are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Manor Park so you should seriously consider looking for a Manor Park conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Manor Park both have about fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Manor Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. 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 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 Manor Park 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 the agreed 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 work for a busy estate agent office in Manor Park where we have witnessed a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Manor Park conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension process 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 proposed purchaser 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 prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

What advice can you give us when it comes to choosing a Manor Park conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Manor Park conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Manor Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • How many lease extensions have they completed in Manor Park in the last twenty four months?
  • What are the legal fees for lease extension work?

  • 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 Manor Park conveyancing firm to help?

    Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price.

    An example of a Lease Extension matter before the tribunal for a Manor Park flat is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case was in relation to 2 flats. The the unexpired residue of the current lease was 65.5 years.

    Other Topics

    Lease Extensions in Manor Park