Common questions relating to Romford leasehold conveyancing
I am in need of some leasehold conveyancing in Romford. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Romford - 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’m about to sell my 2 bed flat in Romford.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Romford. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Romford are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Romford in which case you should be shopping around for a Romford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a couple of flats in Romford which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a reputable estate agency in Romford where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Romford conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is 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 needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
I have had difficulty in trying to purchase the freehold in Romford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Romford conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Romford flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.