Guaranteed fixed fees for Leasehold Conveyancing in City Of London

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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 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 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
  • You should be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in City Of London please enquire of your conveyancer in ahead of your conveyancing in City Of London

    • 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?
  • How many lease extensions has the firm carried out in City Of London in the last 12 months?

    • 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.
  • Some City Of London leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Obtaining a replacement share certificate is often a time consuming process and frustrates many a City Of London conveyancing deal. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • 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.

    Other Topics

    Lease Extensions in City Of London