Top Five Questions relating to Hyde Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Hyde Park. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Hyde Park - then the leasehold title will always include the basic details 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.
Due to complete next month on a studio apartment in Hyde Park. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hyde Park should include some of the following:
- You should receive a copy of the lease
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Hyde Park. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Hyde Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Hyde Park so you should seriously consider shopping around for a Hyde Park conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.
What advice can you give us when it comes to choosing a Hyde Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Hyde Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Hyde Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Hyde Park with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hyde Park can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Hyde Park state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such works. Where you dont have the consents to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
I purchased a garden flat in Hyde Park, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Hyde Park with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £60 per annum. The lease finishes on 21st October 2095
With only 73 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.