Recently asked questions relating to Barbican leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years left on my flat in Barbican. I now wish to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the lessor. In some cases a specialist should be useful to conduct investigations and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Barbican.
Expecting to complete next month on a studio apartment in Barbican. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Barbican should include some of the following:
- You should be sent a copy of the lease
I am looking at a two maisonettes in Barbican both have in the region of fifty years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I work for a busy estate agent office in Barbican where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Barbican conveyancing solicitors. Could you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
If all goes to plan we aim to complete the disposal of our £400000 apartment in Barbican next Thursday . The management company has quoted £420 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold 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 :
- Addressing pre-contract 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
We have reached the end of our tether in seeking a lease extension in Barbican. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension matter before the tribunal for a Barbican premises 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.