Experts for Leasehold Conveyancing in Little Venice

When it comes to leasehold conveyancing in Little Venice, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or NatWest be sure to find a lawyer on their approved list. Find a Little Venice conveyancing lawyer with our search tool

Frequently asked questions relating to Little Venice leasehold conveyancing

I am in need of some leasehold conveyancing in Little Venice. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Little Venice - 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.

My wife and I purchased a leasehold house in Little Venice. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Little Venice who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Little Venice conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured 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 two apartments in Little Venice which have approximately 50 years left on the lease term. should I be concerned?

There is no doubt 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 salability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 premises 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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've recently bought a leasehold property in Little Venice. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation 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. However, 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).

What makes a Little Venice lease defective?

Leasehold conveyancing in Little Venice is not unique. All leases is drafted differently and drafting errors can result in certain sections are missing. 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 premises
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Nottingham Building Society all have very detailed conveyancing instructions 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, obliging the buyer to withdraw.

Little Venice Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

    If a Little Venice lease has no more than eighty years it will affect the marketability of the apartment. Check with your mortgage company that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have owned the property for 24 months before you are eligible to exercise a lease extension. Does the lease contain onerous restrictions? Is anyone aware of any major works anticipated that will increase the service fees?

Other Topics

Lease Extensions in Little Venice