Recently asked questions relating to City Of London leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years left on my flat in City Of London. I need to extend my lease but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you have used your best endeavours to find the lessor. In some cases an enquiry agent may be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing City Of London.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in City Of London. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in City Of London are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in City Of London so you should seriously consider looking for a City Of London conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am looking at a two maisonettes in City Of London which have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
Can you offer any advice when it comes to appointing a City Of London conveyancing firm 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 conveyancing. We recommend that you talk with two or three firms including non City Of London conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm completed in City Of London in the last 12 months?
If all goes to plan we aim to complete the sale of our £400000 maisonette in City Of London next week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in City Of London?
City Of London conveyancing on leasehold maisonettes often requires the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
Leasehold Conveyancing in City Of London - Examples of Queries Prior to Purchasing
Is anyone aware of any major works anticipated that will likely increase the maintenance costs?
Best to be warned if changing the roof or some other significant cost is pending to be shared between the tenants and could well materially increase the the service charges or require a specific payment.
Is the freehold reversion owned collectively by the leaseholders?