Recently asked questions relating to St Leonard Shoreditch leasehold conveyancing
I am on look out for some leasehold conveyancing in St Leonard Shoreditch. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in St Leonard Shoreditch - 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.
I am a negotiator for a long established estate agent office in St Leonard Shoreditch where we see a few flat sales jeopardised due to short leases. I have received conflicting advice from local St Leonard Shoreditch conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to choosing a St Leonard Shoreditch conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a St Leonard Shoreditch conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non St Leonard Shoreditch conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in St Leonard Shoreditch from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in St Leonard Shoreditch can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? St Leonard Shoreditch leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such changes. Should you fail to have the paperwork in place do not communicate with the landlord without contacting your conveyancer before hand.
Completion in due on the disposal of our £350000 maisonette in St Leonard Shoreditch in nine days. The managing agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in St Leonard Shoreditch?
For the majority of leasehold sales in St Leonard Shoreditch 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 conveyancing due diligence enquiries
- Where consent is required before sale in St Leonard Shoreditch
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a two-bedroom flat in St Leonard Shoreditch. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a St Leonard Shoreditch flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The remaining number of years on the lease was 72.39 years.