Experts for Leasehold Conveyancing in St Leonard Shoreditch

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Recently asked questions relating to St Leonard Shoreditch leasehold conveyancing

I am hoping to exchange soon on a studio apartment in St Leonard Shoreditch. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in St Leonard Shoreditch should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Defining your rights in relation to common areas in the block.For example, does the lease permit a right of way over a path or hallways?
  • Are pets allowed in the flat?
  • You need to be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be included in your report on your leasehold property in St Leonard Shoreditch please enquire of your lawyer in ahead of your conveyancing in St Leonard Shoreditch

    • I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in St Leonard Shoreditch. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in St Leonard Shoreditch ?

    Most houses in St Leonard Shoreditch are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in St Leonard Shoreditch so you should seriously consider shopping around for a St Leonard Shoreditch conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.

    Last month I purchased a leasehold flat in St Leonard Shoreditch. Do I have any liability for service charges for periods before my ownership?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any advice for leasehold conveyancing in St Leonard Shoreditch from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in St Leonard Shoreditch can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • The majority landlords or managing agents in St Leonard Shoreditch charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual 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? In particular have you installed wooden flooring? St Leonard Shoreditch leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such alterations. If you dont have the consents to hand do not communicate with the landlord without checking with your conveyancer first.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 better to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I own a second floor flat in St Leonard Shoreditch. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?

    if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the premium.

    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 related to 2 flats. The the number of years remaining on the existing lease(s) was 72.39 years.

    What makes a St Leonard Shoreditch lease defective?

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

    • A provision to repair to or maintain parts of the premises
    • 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 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. HSBC Bank, Skipton Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in St Leonard Shoreditch