Sample questions relating to South Hackney leasehold conveyancing
I am in need of some leasehold conveyancing in South Hackney. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in South Hackney - then the leasehold title will always include the short particulars 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.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in South Hackney. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in South Hackney ?
Most houses in South Hackney are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in South Hackney so you should seriously consider shopping around for a South Hackney conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I work for a reputable estate agent office in South Hackney where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local South Hackney conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities 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. 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 needs to be completed prior to, 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.
Completion in due on the sale of our £350000 garden flat in South Hackney on Monday in a week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in South Hackney?
For the majority of leasehold sales in South Hackney conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in South Hackney
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a South Hackney conveyancing firm to represent me?
if there is a absentee freeholder or where there is disagreement 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 LVT to calculate the price.
An example of a Freehold Enfranchisement matter before the tribunal for a South Hackney residence 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 related to 4 flats. The the number of years remaining on the existing lease(s) was 90 (or thereabouts).
What makes a South Hackney lease defective?
Leasehold conveyancing in South Hackney is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Barclays Direct 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 is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.