Quality lawyers for Leasehold Conveyancing in City Of London

Leasehold conveyancing in City Of London is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in City Of London and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to City Of London leasehold conveyancing

I am tempted by the attractive purchase price for a two maisonettes in City Of London both have in the region of forty five years left on the lease term. Do I need to be concerned?

There are plenty of short leases in City Of London. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a long established estate agent office in City Of London where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local City Of London conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What are your top tips when it comes to appointing a City Of London conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a City Of London conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non City Of London conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the practice with lease extension legislation?
  • What are the costs for lease extension conveyancing?

  • Can you provide any top tips for leasehold conveyancing in City Of London from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in City Of London can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in City Of London state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor in the first instance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing 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 purchasers, but it is better to present the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and frustrates many a City Of London home move. If a reissued share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • Completion in due on the disposal of our £400000 apartment in City Of London next week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in City Of London?

    City Of London conveyancing on leasehold maisonettes often involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to sell the property.

    Leasehold Conveyancing in City Of London - A selection of Queries before Purchasing

      Make sure you discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in City Of London. If you love the apartmentin City Of London yet your cat can’t move with you then you will be presented with a difficult determination. The best form of lease structure is if the freehold title is owned by the leaseholders. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is frequently retained where it is bigger than a house conversion, the managing agent is directed by the tenants. What is the length of the lease?

    Other Topics

    Lease Extensions in City Of London