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

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Shadwell leasehold conveyancing Example Support Desk Enquiries

Back In 2002, I bought a leasehold flat in Shadwell. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Shadwell who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Shadwell conveyancing lawyer 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of apartments in Shadwell both have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Shadwell. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

Can you offer any advice when it comes to choosing a Shadwell conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Shadwell conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Shadwell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the practice with lease extension legislation?
  • What volume of lease extensions have they carried out in Shadwell in the last year?

    • Do you have any advice for leasehold conveyancing in Shadwell with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Shadwell can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • Some Shadwell leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a lengthy formality and slows down many a Shadwell conveyancing deal. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Shadwell. Can we issue an application to the Residential Property Tribunal Service?

    You certainly can. We are happy to put you in touch with a Shadwell conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Shadwell residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired term was 101.61 years.

    When it comes to leasehold conveyancing in Shadwell what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Shadwell. Most leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Platform Home Loans Ltd 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Shadwell