Fixed-fee leasehold conveyancing in Snaresbrook:

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Frequently asked questions relating to Snaresbrook leasehold conveyancing

Due to sign contracts shortly on a basement flat in Snaresbrook. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Snaresbrook should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the property. This will be the apartment itself but may incorporate a roof space or cellar if appropriate.
  • Are pets allowed in the flat?
  • 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
  • Whether your lease has a provision for a sinking fund?
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Snaresbrook please enquire of your solicitor in advance of your conveyancing in Snaresbrook

    • I am attracted to a couple of flats in Snaresbrook both have about fifty years unexpired 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 a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property 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 conveyancer and surveyor with experience in this arena

    I am employed by a long established estate agent office in Snaresbrook where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Snaresbrook conveyancing firms. Could you clarify whether the seller of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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.

    Alternatively, it may be possible 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 purchaser.

    Can you provide any advice for leasehold conveyancing in Snaresbrook with the aim of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Snaresbrook can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
    • Some Snaresbrook leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate can be a lengthy formality and slows down many a Snaresbrook conveyancing deal. Where a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Completion in due on the sale of our £375000 garden flat in Snaresbrook in just under a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Snaresbrook?

    Snaresbrook conveyancing on leasehold flats often requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to do so. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Snaresbrook. Can we issue an application to the Residential Property Tribunal Service?

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

    An example of a Freehold Enfranchisement case for a Snaresbrook residence 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 the unexpired term as at the valuation date was 73.92 years.

    Other Topics

    Lease Extensions in Snaresbrook