Frequently asked questions relating to Hyde Park leasehold conveyancing
I am in need of some leasehold conveyancing in Hyde Park. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most 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.
Last month I purchased a leasehold house in Hyde Park. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to appointing a Hyde Park conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Hyde Park conveyancing firm) it is most important that he or she should 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 before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Hyde Park from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hyde Park can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- Many landlords or Management Companies in Hyde Park charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hyde Park.
If all goes to plan we aim to complete the sale of our £200000 maisonette in Hyde Park next Friday . The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Hyde Park?
Hyde Park conveyancing on leasehold maisonettes usually involves fees being raised by freeholders :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Hyde Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a ground floor flat in Hyde Park, conveyancing having been completed 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Hyde Park with a long lease are worth £225,000. The ground rent is £60 per annum. The lease terminates on 21st October 2083
With only 60 years unexpired the likely cost is going to be between £23,800 and £27,400 as well as legals.
The suggested premium range 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. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.