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Questions and Answers: St Leonard Shoreditch leasehold conveyancing

I’m about to sell my ground floor flat in St Leonard Shoreditch.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am a negotiator for a busy estate agent office in St Leonard Shoreditch where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local St Leonard Shoreditch conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 buyer.

What are your top tips when it comes to appointing a St Leonard Shoreditch conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a St Leonard Shoreditch conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non St Leonard Shoreditch conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If they are not ALEP accredited then why not?
  • What are the charges for lease extension conveyancing?

  • Do you have any top tips for leasehold conveyancing in St Leonard Shoreditch with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in St Leonard Shoreditch can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
    • Many landlords or Management Companies in St Leonard Shoreditch levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to 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 obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in St Leonard Shoreditch.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in St Leonard Shoreditch state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the paperwork in place do not contact the landlord without checking with your conveyancer in the first instance.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Obtaining a new share certificate is often a time consuming process and slows down many a St Leonard Shoreditch home move. Where a new share is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • I have had difficulty in seeking a lease extension in St Leonard Shoreditch. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most certainly. We can put you in touch with a St Leonard Shoreditch conveyancing firm who can help.

    An example of a Lease Extension case for a St Leonard Shoreditch premises 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 was in relation to 2 flats. The the unexpired term as at the valuation date was 72.39 years.

    What makes a St Leonard Shoreditch lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in St Leonard Shoreditch. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • 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 may have 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. Birmingham Midshires, The Royal Bank of Scotland, and Aldermore all have express requirements 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, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in St Leonard Shoreditch