I am in need of some leasehold conveyancing in Plaistow. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Plaistow - 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 have recently realised that I have 72 years left on my flat in Plaistow. I now want to extend my lease but my freeholder is missing. What options are available to me?

If you meet the appropriate requirements, 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 mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the lessor. In some cases a specialist would be useful to conduct investigations and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Plaistow.

I am looking at a couple of apartments in Plaistow both have approximately fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Plaistow is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 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 premises 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 property 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 Plaistow 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Can you provide any advice for leasehold conveyancing in Plaistow from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Plaistow can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
• Many freeholders or managing agents in Plaistow levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Plaistow.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Plaistow state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
• Some Plaistow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 450000 garden flat in Plaistow in seven days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Plaistow?

Plaistow conveyancing on leasehold flats more often than not involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to sell the property.

I inherited a first floor flat in Plaistow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

Most certainly. We can put you in touch with a Plaistow conveyancing firm who can help.

An example of a Lease Extension decision for a Plaistow residence 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 was in relation to 1 flat. The unexpired lease term was 69.77 years.

I acquired a basement flat in Plaistow, conveyancing formalities finalised in 2001. How much will my lease extension cost? Similar flats in Plaistow with a long lease are worth £225,000. The ground rent is £45 yearly. The lease expires on 21st October 2099

You have 73 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.