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Stoke Newington leasehold conveyancing Example Support Desk Enquiries

I want to sublet my leasehold apartment in Stoke Newington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Your lease dictates relations between the landlord and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Stoke Newington do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Planning to complete next month on a garden flat in Stoke Newington. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

  • Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease grant a right of way over an accessway or staircase?
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • Changes to the flat (alterations and additions)
  • 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
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour breach a clause of their lease? For a comprehensive list of information to be included in your report on your leasehold property in Stoke Newington please enquire of your lawyer in ahead of your conveyancing in Stoke Newington

    • Estate agents have just been given the go-ahead to market my 2 bed flat in Stoke Newington.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

    It best that you 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 management companies will not acknowledge the buyer until 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 Stoke Newington with the purpose of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Stoke Newington can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or managing agents in Stoke Newington charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stoke Newington.
  • A minority of Stoke Newington leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • We have reached the end of our tether in trying to purchase the freehold in Stoke Newington. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

    An example of a Lease Extension case for a Stoke Newington residence is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case related to 1 flat.

    What are the frequently found problems that you witness in leases for Stoke Newington properties?

    There is nothing unique about leasehold conveyancing in Stoke Newington. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations 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.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Royal Bank of Scotland, and Barclays Direct 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 provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Stoke Newington