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Little Venice leasehold conveyancing: Q and A’s

I have just appointed agents to market my ground floor apartment in Little Venice.Conveyancing has not commenced but I have just received a quarterly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

Back In 2004, I bought a leasehold flat in Little Venice. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Little Venice who previously acted has now retired.Do I pay?

The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Little Venice conveyancing firm 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am employed by a reputable estate agent office in Little Venice where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Little Venice conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

Can you provide any top tips for leasehold conveyancing in Little Venice from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Little Venice can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
  • Many freeholders or Management Companies in Little Venice levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Little Venice.
  • Some Little Venice leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Little Venice conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • What makes a Little Venice lease unmortgageable?

    Leasehold conveyancing in Little Venice is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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, Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

    I inherited a leasehold flat in Little Venice, conveyancing formalities finalised 2002. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Little Venice with an extended lease are worth £187,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2076

    You have 51 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Little Venice