Leasehold Conveyancing in Stamford Hill - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Stamford Hill, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Stamford Hill leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Stamford Hill. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Stamford Hill - 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.

Looking forward to exchange soon on a basement flat in Stamford Hill. Conveyancing solicitors 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 Stamford Hill should include some of the following:

  • Does the lease prevent you from subletting the flat, or having a home office for business
  • You need to be told what counts as a Nuisance in the lease
  • 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
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in Stamford Hill please ask your lawyer in advance of your conveyancing in Stamford Hill

    • I am tempted by the attractive purchase price for a two flats in Stamford Hill both have in the region of forty five years left on the leases. Do I need to be concerned?

    A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

    I've recently bought a leasehold property in Stamford Hill. Do I have any liability for service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Despite our best efforts, we have been unsuccessful in negotiating a lease extension in Stamford Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Absolutely. We are happy to put you in touch with a Stamford Hill conveyancing firm who can help.

    An example of a Lease Extension case for a Stamford Hill flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case related to 1 flat. The the unexpired residue of the current lease was 59 years.

    Are there frequently found defects that you witness in leases for Stamford Hill properties?

    There is nothing unique about leasehold conveyancing in Stamford Hill. All leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Nottingham Building Society 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 defective they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Stamford Hill