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

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Stepney leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Stepney. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Stepney - 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.

Due to sign contracts shortly on a studio apartment in Stepney. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • 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
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Stepney please ask your conveyancer in advance of your conveyancing in Stepney

    • I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Stepney. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Stepney ?

    Most houses in Stepney are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Stepney so you should seriously consider shopping around for a Stepney conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.

    I am attracted to a couple of maisonettes in Stepney which have approximately fifty years unexpired on the lease term. Do I need to be concerned?

    A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

    What are your top tips when it comes to appointing a Stepney conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Stepney conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Stepney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How experienced is the practice with lease extension legislation?
  • What volume of lease extensions have they completed in Stepney in the last twenty four months?

    • Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stepney. Can we issue an application to the Residential Property Tribunal Service?

    Most definitely. We are happy to put you in touch with a Stepney conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Stepney premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The unexpired term was 101.61 years.