Fixed-fee leasehold conveyancing in Old Ford:

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Common questions relating to Old Ford leasehold conveyancing

I am on look out for some leasehold conveyancing in Old Ford. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Old Ford - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my basement apartment in Old Ford.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

Can you provide any advice for leasehold conveyancing in Old Ford with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Old Ford can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
  • Many landlords or managing agents in Old Ford levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Old Ford.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Old Ford state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you fail to have the consents to hand do not communicate with the landlord without contacting your lawyer before hand.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 clearly preferable to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • We expect to complete our sale of a £425000 flat in Old Ford next Wednesday . The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Old Ford?

    Old Ford conveyancing on leasehold apartments usually necessitates the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to sell the property.

    We have reached the end of our tether in trying to purchase the freehold in Old Ford. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most definitely. We can put you in touch with a Old Ford conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Old Ford premises 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.

    When it comes to leasehold conveyancing in Old Ford what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Old Ford. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Old Ford