Experts for Leasehold Conveyancing in Spitalfields

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Questions and Answers: Spitalfields leasehold conveyancing

I am hoping to sign contracts shortly on a basement flat in Spitalfields. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Spitalfields should include some of the following:

  • Setting out your rights in relation to the communal areas in the building.For example, does the lease permit a right of way over a path or staircase?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from subletting the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be contained in your report on your leasehold property in Spitalfields please enquire of your conveyancer in advance of your conveyancing in Spitalfields

    • I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Spitalfields. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

    Most houses in Spitalfields are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Spitalfields in which case you should be looking for a Spitalfields conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

    Can you offer any advice when it comes to choosing a Spitalfields conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Spitalfields conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Spitalfields conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Spitalfields from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Spitalfields can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Spitalfields state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the paperwork in place you should not contact the landlord without checking with your solicitor first.
  • Some Spitalfields leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Organising a new share certificate can be a lengthy formality and slows down many a Spitalfields home move. Where a new share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • All being well we will complete the disposal of our £450000 apartment in Spitalfields next Thursday . The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Spitalfields?

    Spitalfields conveyancing on leasehold flats often necessitates the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.

    I own a two-bedroom flat in Spitalfields. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

    You certainly can. We can put you in touch with a Spitalfields conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Spitalfields flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The the number of years remaining on the existing lease(s) was 107 years.