Leasehold Conveyancing in Old Ford - Get a Quote from the leasehold experts approved by your lender

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Old Ford leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Old Ford. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and most are in Old Ford - 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 am looking at a two apartments in Old Ford which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

Can you offer any advice when it comes to finding a Old Ford conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Old Ford conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Old Ford 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 useful:

  • How many lease extensions have they carried out in Old Ford in the last year?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Old Ford from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Old Ford can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
    • The majority landlords or Management Companies in Old Ford levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Old Ford.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Old Ford leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Should you dont have the consents to hand you should not contact the landlord without checking with your solicitor before hand.
  • A minority of Old Ford leases require Landlord’s consent to the sale and approval of the buyers. 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. The bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.

    • After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Old Ford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most certainly. We are happy to put you in touch with a Old Ford conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal 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?

    Leasehold conveyancing in Old Ford is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Old Ford