Common questions relating to City Of London leasehold conveyancing
I am in need of some leasehold conveyancing in City Of London. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in City Of London - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Planning to complete next month on a studio apartment in City Of London. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in City Of London should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Can you offer any advice when it comes to finding a City Of London conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a City Of London conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non City Of London conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in City Of London from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in City Of London can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? City Of London leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such works. Should you fail to have the paperwork to hand do not contact the landlord without checking with your solicitor first.
Are there frequently found deficiencies that you come across in leases for City Of London properties?
Leasehold conveyancing in City Of London is not unique. All leases is drafted differently and drafting errors can result in certain clauses are erroneous. 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 premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could 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. Birmingham Midshires, The Royal Bank of Scotland, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I acquired a 1 bedroom flat in City Of London, conveyancing having been completed 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in City Of London with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2087
With 67 years left to run the likely cost is going to span between £10,500 and £12,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.