Guaranteed fixed fees for Leasehold Conveyancing in Wanstead

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Wanstead, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Wanstead leasehold conveyancing

I am on look out for some leasehold conveyancing in Wanstead. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Wanstead - 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 today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Wanstead. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Wanstead are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Wanstead in which case you should be looking for a Wanstead conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

Can you provide any top tips for leasehold conveyancing in Wanstead with the intention of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Wanstead can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
  • The majority freeholders or managing agents in Wanstead charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Wanstead.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Wanstead state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such alterations. If you fail to have the consents to hand do not contact the landlord without contacting your solicitor before hand.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a replacement share certificate is often a lengthy process and delays many a Wanstead conveyancing deal. Where a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • All being well we will complete the disposal of our £325000 maisonette in Wanstead next Friday . The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wanstead?

    Wanstead conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I am the leaseholder of a a ground floor purpose built flat in Wanstead. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

    if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the price.

    An example of a Freehold Enfranchisement case 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 related to 2 flats. The the unexpired term as at the valuation date was 73.92 years.

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

    There is nothing unique about leasehold conveyancing in Wanstead. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • 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. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Bank of Ireland 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 grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Wanstead