Is there a reason why leasehold purchase conveyancing in North East London is more expensive?

In short, leasehold conveyancing in North East London and elsewhere usually involve more hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord about the service of appropriate notices, obtaining current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.

How does conveyancing in North East London differ for new build properties?

Most buyers of new build residence in North East London approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in North East London tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in North East London or who has acted in the same development.

I am looking into buying my first house which is in North East London and I am already nervous. I couldn't find anything specific about North East London. Conveyancing will be needed in due course but do you know about the North East London area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at North East London. In the meantime here are some basic statistics that we found

I have just appointed agents to market my ground floor flat in North East London. Conveyancing has not commenced, but I have recently received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual as all rents and maintenance invoices will be allotted on completion, so you should recover the relevant percentage by the purchaser 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.

North East London Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

What is the maintenance charge and ground rent on the apartment? The majority of North East London leasehold properties will incur a service charge for the upkeep of the building invoiced on behalf of the freeholder. If you buy the property you will have to meet this contribution, normally quarterly accross the year. This can be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a ground rent for you to pay annual, ordinarily this is not a exorbitant sum, say approximately £50-£100 but you need to enquire it because sometimes it could be many hundreds of pounds. Are any of leasehold owners in arrears of their service charge liability?

I happen to be an executor of my recently deceased parent's Will, with a property in North East London which will be sold. The house is unregistered at the Land Registry and I'm advised that some purchasers will insist that it is done before they'll move forward. What's the mechanism for this?

In the circumstances that you have set out it seems advisable to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.