Guaranteed fixed fees for Leasehold Conveyancing in Stepney

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When it comes to leasehold conveyancing in Stepney, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or NatWest be sure to find a lawyer on their approved list. Feel free to use our search tool

Sample questions relating to Stepney leasehold conveyancing

I am on look out for some leasehold conveyancing in Stepney. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% 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.

I am attracted to a two maisonettes in Stepney which have about 50 years remaining on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often 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 advise that you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a reputable estate agency in Stepney where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Stepney conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

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 buyer.

Can you provide any advice for leasehold conveyancing in Stepney from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Stepney can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Stepney state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you dont have the paperwork in place you should not contact the landlord without contacting your conveyancer in the first instance.
  • A minority of Stepney leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a new share certificate can be a lengthy formality and frustrates many a Stepney conveyancing deal. If a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • We expect to complete the sale of our £475000 flat in Stepney on Tuesday in a week. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Stepney?

    Stepney conveyancing on leasehold maisonettes more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I have given up trying to reach an agreement for a lease extension in Stepney. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the amount due.

    An example of a Freehold Enfranchisement case for a Stepney flat 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 was in relation to 3 flats. The remaining number of years on the lease was 101.61 years.