Leasehold Conveyancing in Little Venice - Get a Quote from the leasehold experts approved by your lender

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Little Venice leasehold conveyancing: Q and A’s

I own a leasehold house in Little Venice. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Little Venice who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Little Venice conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Little Venice both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Little Venice is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Little Venice conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a busy estate agent office in Little Venice where we see a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Little Venice conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to finding a Little Venice conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Little Venice 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 talk with several firms including non Little Venice conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • What volume of lease extensions has the firm completed in Little Venice in the last twenty four months?
  • Can they put you in touch with client in Little Venice who can give a testimonial?

  • All being well we will complete the disposal of our £250000 maisonette in Little Venice in just under a week. The management company has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Little Venice?

    For most leasehold sales in Little Venice conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering conveyancing due diligence 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
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Little Venice leasehold premises is £350. For Little Venice conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

    Leasehold Conveyancing in Little Venice - Sample of Queries Prior to Purchasing

      This question is useful as a) areas may result in problems in the block as the communal areas may start to deteriorate if maintenance are not paid for b) if the tenants have an issue with the running of the building you will want to have complete disclosure Be sure to enquire if the the lease includes any unreasonable restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Little Venice. If you love the flatin Little Venice but your dog is not allowed to move with you then you have a very difficult determination. How much is the ground rent and service charge?

    Other Topics

    Lease Extensions in Little Venice