Fixed-fee leasehold conveyancing in Spitalfields:

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Recently asked questions relating to Spitalfields leasehold conveyancing

Due to exchange soon on a basement flat in Spitalfields. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • The total extent of the premises. This will be the property itself but might incorporate a loft or cellar if appropriate.
  • Setting out your rights in relation to common areas in the block.E.G., does the lease contain a right of way over a path or staircase?
  • You must be told what constitutes a Nuisance in the lease
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Spitalfields please enquire of your solicitor in ahead of your conveyancing in Spitalfields

    • I am a negotiator for a busy estate agency in Spitalfields where we see a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Spitalfields conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

    Provided that the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

    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 purchaser.

    What advice can you give us when it comes to appointing a Spitalfields conveyancing practice to carry out our lease extension conveyancing?

    When appointing a conveyancer for your lease extension (regardless if they are a Spitalfields conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several 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 could be helpful:

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

    • Can you provide any advice for leasehold conveyancing in Spitalfields with the intention of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Spitalfields can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers conveyancers.
    • Many landlords or Management Companies in Spitalfields charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Spitalfields.
  • Some Spitalfields leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a second floor flat in Spitalfields. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

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

    An example of a Freehold Enfranchisement case for a Spitalfields property 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 affected 41 flats. The unexpired lease term was 107 years.

    Are there frequently found deficiencies that you come across in leases for Spitalfields properties?

    There is nothing unique about leasehold conveyancing in Spitalfields. Most leases are individual and drafting errors can result in 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 property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Barnsley Building Society, and Aldermore 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, forcing the buyer to pull out.