Silvertown leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Silvertown. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and most 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.
Expecting to sign contracts shortly on a studio apartment in Silvertown. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Silvertown should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Silvertown. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of 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 so you should seriously consider shopping around for a Silvertown conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I work for a long established estate agent office in Silvertown where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Silvertown conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.
All being well we will complete our sale of a £225000 apartment in Silvertown on Thursday in a week. The landlords agents has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Silvertown?
Silvertown conveyancing on leasehold maisonettes normally results in fees being invoiced by management companies :
- Addressing pre-contract enquiries
- Where consent is required before sale in Silvertown
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the leaseholder of a ground flat in Silvertown. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Most certainly. 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 residence 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 69.77 years.
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