Expecting to complete next month on a leasehold property in Wanstead. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

Defining your rights in relation to the communal areas in the building.E.G., does the lease permit a right of way over an accessway or staircase?

Do you need to have carpet in the flat or are you allowed wood flooring?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Wanstead please ask your lawyer in ahead of your conveyancing in Wanstead

I am looking at a couple of maisonettes in Wanstead both have in the region of fifty years remaining on the lease term. should I be concerned?

There are plenty of short leases in Wanstead. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive 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 because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to appointing a Wanstead conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Wanstead 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 talk with two or three firms including non Wanstead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions have they completed in Wanstead in the last year?

Can they put you in touch with client in Wanstead who can give a testimonial?

If all goes to plan we aim to complete the disposal of our £300000 apartment in Wanstead in 10 days. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wanstead?

For most leasehold sales in Wanstead conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-exchange questions
• Where consent is required before sale in Wanstead
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Wanstead leasehold premises is £350. For Wanstead conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Wanstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Most certainly. We are happy to put you in touch with a Wanstead conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Wanstead residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired term was 73.92 years.

What are the frequently found problems that you come across in leases for Wanstead properties?

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

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

Other Topics

Lease Extensions in Wanstead