Sample questions relating to Newham leasehold conveyancing
I am on look out for some leasehold conveyancing in Newham. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Newham - 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 sign contracts shortly on a studio apartment in Newham. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newham should include some of the following:
- You should receive a copy of the lease
I work for a reputable estate agent office in Newham where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Newham conveyancing firms. Can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
We expect to complete the sale of our £175000 apartment in Newham next Friday . The management company has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Newham?
Newham conveyancing on leasehold maisonettes usually involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.
I am the leaseholder of a ground-floor 1950’s flat in Newham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Absolutely. We are happy to put you in touch with a Newham conveyancing firm who can help.
An example of a Lease Extension case for a Newham premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired term was 69.77 years.
Are there frequently found problems that you see in leases for Newham properties?
Leasehold conveyancing in Newham is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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 could 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. Yorkshire Building Society, Chelsea Building Society, and Bank of Ireland 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.