I am in need of some leasehold conveyancing in Little Venice. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most 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.

I am tempted by the attractive purchase price for a two apartments in Little Venice which have in the region of 50 years remaining 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 wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 property 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.

What are your top tips when it comes to choosing a Little Venice conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Little Venice conveyancing practice) it is essential that they 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 Little Venice conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How experienced is the practice with lease extension legislation?

What are the costs for lease extension conveyancing?

Do you have any top tips for leasehold conveyancing in Little Venice from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Little Venice can be bypassed if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Little Venice leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand you should not contact the landlord without contacting your conveyancer in the first instance.

Some Little Venice leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.

If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 rather than unsettled.

If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a lengthy process and frustrates many a Little Venice conveyancing deal. Where a duplicate share is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 flat in Little Venice in just under a week. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Little Venice?

Little Venice conveyancing on leasehold flats typically involves fees being invoiced by landlords agents :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Little Venice
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer 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 obliged to provide answers.

Little Venice Leasehold Conveyancing - Sample of Queries before buying

Be sure to find out if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being permitted in certain buildings in Little Venice. If you love the propertyin Little Venice however your dog is not allowed to live with you then you will be presented with a hard compromise. Please note if it is less than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will most likely need a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you would need to own the residence for a couple of years before you are entitled to carry out a lease extension. How is the lease structured?

Other Topics

Lease Extensions in Little Venice