Experts for Leasehold Conveyancing in Hyde Park

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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
  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Defining your rights in respect of common areas in the block.By way of example, does the lease grant a right of way over an accessway or staircase?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • 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 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
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Hyde Park please ask your lawyer in ahead of your conveyancing in Hyde Park

    • 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?
  • If they are not ALEP accredited then why not?

    • 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.
  • Some Hyde Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate is often a time consuming process and frustrates many a Hyde Park home move. Where a duplicate share is needed, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • 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.

    Other Topics

    Lease Extensions in Hyde Park