Common questions relating to Stratford leasehold conveyancing
I am on look out for some leasehold conveyancing in Stratford. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Stratford - 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.
Looking forward to exchange soon on a basement flat in Stratford. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Stratford should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Stratford. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Stratford ?
The majority of houses in Stratford are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Stratford so you should seriously consider looking for a Stratford conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.
What advice can you give us when it comes to appointing a Stratford conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Stratford conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Stratford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Stratford who can give a testimonial?
If all goes to plan we aim to complete the sale of our £450000 flat in Stratford in nine days. The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Stratford?
Stratford conveyancing on leasehold flats normally requires the purchaser’s conveyancer submitting 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 entitled levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Stratford conveyancing firm to assist?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Stratford property is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case related to 2 flats. The remaining number of years on the lease was 72.02 years.