Experts for Leasehold Conveyancing in Silvertown

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Top Five Questions relating to Silvertown leasehold conveyancing

I am in need of some leasehold conveyancing in Silvertown. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - 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.

Due to sign contracts shortly on a ground floor flat in Silvertown. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Silvertown should include some of the following:

  • You should be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Silvertown please ask your conveyancer in ahead of your conveyancing in Silvertown

    • I am a negotiator for a long established estate agent office in Silvertown where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Silvertown conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

    As long as 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. 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 before, or simultaneously with completion of the sale.

    An alternative approach is 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 buyer.

    What are your top tips when it comes to choosing a Silvertown conveyancing firm to deal with our lease extension?

    When appointing a property lawyer for lease extension works (regardless if they are a Silvertown conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Silvertown conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

    • How experienced is the firm with lease extension legislation?
  • How many lease extensions has the firm carried out in Silvertown in the last year?

    • I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Silvertown conveyancing firm to act on my behalf?

    Most definitely. We are happy to put you in touch with a Silvertown conveyancing firm who can help.

    An example of a Lease Extension decision 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 affected 1 flat. The unexpired term was 69.77 years.

    What are the common defects that you witness in leases for Silvertown properties?

    There is nothing unique about leasehold conveyancing in Silvertown. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Skipton Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Silvertown