Examples of recent questions relating to leasehold conveyancing in Barnsbury
Looking forward to exchange soon on a basement flat in Barnsbury. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Barnsbury should include some of the following:
- The total extent of the demise. This will be the property itself but could also incorporate a loft or basement if appropriate.
I own a leasehold house in Barnsbury. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Barnsbury who previously acted has long since retired.Any advice?
First contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Barnsbury conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a reputable estate agent office in Barnsbury where we have witnessed a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Barnsbury conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
Provided that 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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 choosing a Barnsbury conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Barnsbury conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Barnsbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Barnsbury conveyancing firm to represent me?
if there is a absentee landlord or where there is disagreement 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 Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Lease Extension decision for a Barnsbury premises is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case affected 1 flat. The remaining number of years on the lease was 62.79 years.
When it comes to leasehold conveyancing in Barnsbury what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Barnsbury. All leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Godiva Mortgages Ltd 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 defective they may refuse to provide security, obliging the purchaser to withdraw.