Guaranteed fixed fees for Leasehold Conveyancing in Stoke Newington

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

Examples of recent questions relating to leasehold conveyancing in Stoke Newington

I am on look out for some leasehold conveyancing in Stoke Newington. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Stoke Newington - 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 employed by a busy estate agent office in Stoke Newington where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Stoke Newington conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

Can you offer any advice when it comes to choosing a Stoke Newington conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Stoke Newington conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Stoke Newington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If they are not ALEP accredited then why not?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Stoke Newington with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Stoke Newington can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • Many freeholders or managing agents in Stoke Newington levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Stoke Newington.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Stoke Newington state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you dont have the consents in place do not communicate with the landlord without contacting your lawyer in the first instance.
  • A minority of Stoke Newington leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a duplicate share certificate is often a lengthy process and delays many a Stoke Newington conveyancing transaction. If a new share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • I inherited a basement flat in Stoke Newington. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?

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

    An example of a Lease Extension matter before the tribunal for a Stoke Newington premises 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 was in relation to 1 flat.

    When it comes to leasehold conveyancing in Stoke Newington what are the most frequent lease defects?

    Leasehold conveyancing in Stoke Newington is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Alliance & Leicester all have express 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, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Stoke Newington