Stepney leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Stepney. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Stepney - then the leasehold title will always include the basic details 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 want to rent out my leasehold apartment in Stepney. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Your lease governs relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Stepney do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Having checked my lease I have discovered that there are only 72 years left on my flat in Stepney. I now wish to get lease extension but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. On the whole an enquiry agent should be useful to try and locate and prepare a report which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court covering Stepney.
I’m about to sell my garden flat in Stepney.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Can you provide any advice for leasehold conveyancing in Stepney with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stepney can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or managing agents in Stepney levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stepney.
Notwithstanding our best endeavours, we have been unsuccessful in seeking a lease extension in Stepney. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to determine the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Stepney residence 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.