Snaresbrook leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Snaresbrook. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Snaresbrook - 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.
My partner and I may need to sub-let our Snaresbrook 1st floor flat for a while due to taking a sabbatical. We used a Snaresbrook conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Snaresbrook conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must obtain permission via your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. The consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Snaresbrook. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Snaresbrook are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Snaresbrook in which case you should be shopping around for a Snaresbrook conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Snaresbrook which have approximately fifty years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I work for a busy estate agency in Snaresbrook where we have witnessed a few flat sales put at risk due to short leases. I have received contradictory information from local Snaresbrook conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
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. The benefit of this is that the buyer need not have 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 at the same time as completion of the sale.
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 given up trying to purchase the freehold in Snaresbrook. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Freehold Enfranchisement decision for a Snaresbrook premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The remaining number of years on the lease was 73.92 years.