I am in need of some leasehold conveyancing in Wanstead Flats. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Wanstead Flats - 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 have recently realised that I have Seventy years left on my flat in Wanstead Flats. I now want to get lease extension but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. On the whole an enquiry agent should be helpful to carry out a search and to produce a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Wanstead Flats.

I am looking at a couple of flats in Wanstead Flats which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Wanstead Flats is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive 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 a residence 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 Wanstead Flats 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Do you have any advice for leasehold conveyancing in Wanstead Flats from the perspective of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Wanstead Flats can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
• Many landlords or managing agents in Wanstead Flats levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have 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 reason for frustration in leasehold conveyancing in Wanstead Flats.

In relation to leasehold conveyancing in Wanstead Flats what are the most frequent lease defects?

Leasehold conveyancing in Wanstead Flats is not unique. Most leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, 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, obliging the purchaser to pull out.

I bought a ground floor flat in Wanstead Flats, conveyancing having been completed 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Wanstead Flats with over 90 years remaining are worth £257,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2087

You have 62 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Wanstead Flats