Leasehold Conveyancing in Lansbury - Get a Quote from the leasehold experts approved by your lender

Get a Quote

When it comes to leasehold conveyancing in Lansbury, you will need to chose a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley be sure to choose a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Lansbury leasehold conveyancing

I want to let out my leasehold flat in Lansbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Lansbury do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

My wife and I purchased a leasehold house in Lansbury. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Lansbury who previously acted has now retired.What should I do?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Lansbury conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Lansbury both have in the region of forty five years remaining on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

Do you have any top tips for leasehold conveyancing in Lansbury from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Lansbury can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
  • Many landlords or managing agents in Lansbury levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Lansbury.
  • Some Lansbury leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a ground-floor 1950’s flat in Lansbury. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

    Most definitely. We can put you in touch with a Lansbury conveyancing firm who can help.

    An example of a Vesting Order and Purchase of freehold decision for a Lansbury property is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The the unexpired term as at the valuation date was 80.01 years.

    What makes a Lansbury lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Lansbury. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. 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
    • 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 a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Lansbury