Questions and Answers: Silvertown leasehold conveyancing
I am on look out for some leasehold conveyancing in Silvertown. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Silvertown - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Silvertown. I now wish to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole a specialist would be useful to conduct investigations and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Silvertown.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Silvertown. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Silvertown ?
Most houses in Silvertown are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Silvertown in which case you should be looking for a Silvertown conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I am tempted by the attractive purchase price for a two flats in Silvertown which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Silvertown with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Silvertown can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- Many landlords or Management Companies in Silvertown charge 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 can be applied for 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 common cause of frustration in leasehold conveyancing in Silvertown.
My wife and I have hit a brick wall in seeking a lease extension in Silvertown. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Silvertown conveyancing firm who can help.
An example of a Lease Extension case for a Silvertown flat 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 term was 69.77 years.