Sample questions relating to Shoreditch leasehold conveyancing
Looking forward to exchange soon on a garden flat in Shoreditch. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Shoreditch should include some of the following:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a couple of maisonettes in Shoreditch both 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 right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to appointing a Shoreditch conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Shoreditch conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Shoreditch conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions have they completed in Shoreditch in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Shoreditch with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shoreditch can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- Many landlords or managing agents in Shoreditch levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Shoreditch.
We expect to complete the disposal of our £200000 apartment in Shoreditch in 5 days. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Shoreditch?
For the majority of leasehold sales in Shoreditch conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Shoreditch
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Shoreditch conveyancing firm to help?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension case for a Shoreditch residence is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The the unexpired residue of the current lease was 72.39 years.