Fixed-fee leasehold conveyancing in North East London:

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Leasehold conveyancing in North East London is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in North East London and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Questions and Answers: North East London leasehold conveyancing

I am in need of some leasehold conveyancing in North East London. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in North East London - 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.

My partner and I may need to let out our North East London basement flat for a while due to taking a sabbatical. We used a North East London conveyancing firm in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in North East London do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am attracted to a two maisonettes in North East London which have about 50 years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in North East London is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North East London conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What advice can you give us when it comes to choosing a North East London conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a North East London conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non North East London conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Do you have any top tips for leasehold conveyancing in North East London from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in North East London can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many freeholders or managing agents in North East London charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought 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 usual cause of frustration in leasehold conveyancing in North East London.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in North East London state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer before hand.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share document. Arranging a new share certificate is often a time consuming formality and frustrates many a North East London home move. Where a new share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • North East London Leasehold Conveyancing - Examples of Queries before buying

      The majority of North East London leasehold flats will incur a service charge for the upkeep of the building set on behalf of the management company. Should you buy the flat you will have to pay this liability, usually periodically accross the year. This could vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large figure, say approximately £50-£100 but you should to check it because sometimes it could be prohibitively expensive. Are there any major works on the horizon that could add a premium to the service costs? For most North East London leaseholds the outlay for major works are not included within maintenance charges, albeit that a few managing agents in North East London obliged tenants to contribute towards a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance.

    Other Topics

    Lease Extensions in North East London