Examples of recent questions relating to leasehold conveyancing in Poplar
I am on look out for some leasehold conveyancing in Poplar. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Poplar - 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 attracted to a two apartments in Poplar which have in the region of forty five years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold property in Poplar. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a long established estate agent office in Poplar where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Poplar conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner 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 buyer 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 apartment in Poplar on Wednesday in a week. The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Poplar?
Poplar conveyancing on leasehold apartments typically necessitates administration charges levied by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Poplar
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Poplar. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to arrive at the sum to be paid.
An example of a Freehold Enfranchisement decision for a Poplar property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The remaining number of years on the lease was 101.61 years.
Other Topics