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

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Top Five Questions relating to Barbican leasehold conveyancing

Planning to sign contracts shortly on a basement flat in Barbican. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Barbican should include some of the following:

  • The total extent of the property. This will be the flat itself but might incorporate a roof space or cellar if applicable.
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Barbican please ask your conveyancer in ahead of your conveyancing in Barbican

  • I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Barbican. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

    Most houses in Barbican are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Barbican in which case you should be looking for a Barbican conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.

    Can you provide any advice for leasehold conveyancing in Barbican from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Barbican can be reduced where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • The majority landlords or managing agents in Barbican charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Barbican.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Barbican state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Where you dont have the consents in place do not contact the landlord without contacting your conveyancer first.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • If all goes to plan we aim to complete our sale of a £125000 apartment in Barbican in 8 days. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Barbican?

    For most leasehold sales in Barbican conveyancing will involve, questions about 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 Barbican
    • 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 Barbican leasehold property is £350. For Barbican 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 the information.

    I have attempted and failed to negotiate with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Barbican conveyancing firm to help?

    You certainly can. We can put you in touch with a Barbican conveyancing firm who can help.

    An example of a Lease Extension decision for a Barbican property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The the unexpired residue of the current lease was 72.39 years.

    What are the common problems that you see in leases for Barbican properties?

    There is nothing unique about leasehold conveyancing in Barbican. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • 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

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Leeds Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in Barbican