Leasehold Conveyancing in North Woolwich - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in North Woolwich, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Lloyds, Birmingham Midshires or NatWest be sure to find a lawyer on their approved list. Find a North Woolwich conveyancing lawyer with our search tool

Questions and Answers: North Woolwich leasehold conveyancing

I am hoping to exchange soon on a leasehold property in North Woolwich. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in North Woolwich should include some of the following:

  • You should receive a copy of the lease
  • Are pets allowed in the flat?
  • Does the lease prevent you from subletting the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be included in your report on your leasehold property in North Woolwich please enquire of your lawyer in advance of your conveyancing in North Woolwich

  • I own a leasehold house in North Woolwich. Conveyancing and The Royal Bank of Scotland mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in North Woolwich who acted for me is not around.What should I do?

    The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a North Woolwich conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a couple of apartments in North Woolwich which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in North Woolwich is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers 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 a residence 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 North Woolwich 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.

    I am employed by a busy estate agent office in North Woolwich where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local North Woolwich conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.

    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 buyer.

    Can you offer any advice when it comes to finding a North Woolwich conveyancing firm to deal with our lease extension?

    When appointing a solicitor for your lease extension (regardless if they are a North Woolwich conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non North Woolwich conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • Can they put you in touch with client in North Woolwich who can give a testimonial?
  • What are the charges for lease extension work?

  • Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in North Woolwich. Can we issue an application to the Residential Property Tribunal Service?

    if there is a absentee freeholder 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 Leasehold Valuation Tribunal to arrive at the sum to be paid.

    An example of a Lease Extension matter before the tribunal for a North Woolwich premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired term was 69.77 years.