Little Venice leasehold conveyancing Example Support Desk Enquiries
I own a leasehold flat in Little Venice. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Little Venice who acted for me is not around.Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Little Venice conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Little Venice where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Little Venice conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 prior to, or at the same time as 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.
What advice can you give us when it comes to appointing a Little Venice conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (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 make enquires with several 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 could be useful:
- Can they put you in touch with client in Little Venice who can give a testimonial?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 flat in Little Venice next Friday . The management company has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Little Venice?
Little Venice conveyancing on leasehold maisonettes typically necessitates administration charges invoiced by management companies :
- Completing pre-contract 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
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:
- A provision to repair to or maintain elements of the building
- 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 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 TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I acquired a split level flat in Little Venice, conveyancing formalities finalised in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Little Venice with an extended lease are worth £238,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2104
With only 79 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
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