Frequently asked questions relating to Barnsbury leasehold conveyancing
I am on look out for some leasehold conveyancing in Barnsbury. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Barnsbury - then the leasehold title will always include the short particulars 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.
Expecting to sign contracts shortly on a basement flat in Barnsbury. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Barnsbury should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am a negotiator for a busy estate agency in Barnsbury where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Barnsbury conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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.
Do you have any advice for leasehold conveyancing in Barnsbury from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Barnsbury can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Barnsbury leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor before hand.
All being well we will complete our sale of a £125000 maisonette in Barnsbury next week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Barnsbury?
Barnsbury conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to sell the property.
Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Barnsbury. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to make a decision on the price.
An example of a Lease Extension case for a Barnsbury property 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 the unexpired residue of the current lease was 62.79 years.