Examples of recent questions relating to leasehold conveyancing in South Hackney
Planning to complete next month on a studio apartment in South Hackney. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in South Hackney should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in South Hackney. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in South Hackney are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in South Hackney so you should seriously consider looking for a South Hackney conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold flat in South Hackney. Conveyancing and Alliance & Leicester mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in South Hackney who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a South Hackney conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in South Hackney which have about 50 years unexpired 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 marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
Can you offer any advice when it comes to appointing a South Hackney conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a South Hackney conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non South Hackney conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
Despite our best endeavours, we have been unsuccessful in seeking a lease extension in South Hackney. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a South Hackney conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a South Hackney property is 150 Amhurst Road in December 2013. The tribunal concluded that the premium to be paid by the applicant for the enfranchisement of the subject property was £43,500. This case affected 4 flats. The unexpired lease term was 90 (or thereabouts).