Common questions relating to Little Venice leasehold conveyancing
I've found a house that appears to tick a lot of boxes, at a great 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 leasehold house in Little Venice. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Little Venice ?
Most houses in Little Venice are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Little Venice in which case you should be looking for a Little Venice conveyancing practitioner and check that they have experience in transacting on 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 changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
My wife and I purchased a leasehold house in Little Venice. Conveyancing and Barclays mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Little Venice who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Little Venice conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to finding a Little Venice conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Little Venice conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Little Venice conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
If all goes to plan we aim to complete the disposal of our £500000 garden flat in Little Venice in just under a week. The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Little Venice?
Little Venice conveyancing on leasehold flats nine out of ten times necessitates fees being levied by managing agents :
- Completing pre-exchange questions
- Where consent is required before sale in Little Venice
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Little Venice lease unacceptable for security purposes?
Leasehold conveyancing in Little Venice is not unique. Most leases are individual and drafting errors can result in certain provisions are not included. 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 building
- 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I acquired a basement flat in Little Venice, conveyancing was carried out 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Little Venice with a long lease are worth £240,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2084
You have 61 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 as well as 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 the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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