Examples of recent questions relating to leasehold conveyancing in Bayswater
I am in need of some leasehold conveyancing in Bayswater. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Bayswater - 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.
Planning to sign contracts shortly on a ground floor flat in Bayswater. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Bayswater should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I have just started marketing my basement flat in Bayswater.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am attracted to a couple of flats in Bayswater which have in the region of forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bayswater is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bayswater conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We expect to complete our sale of a £425000 flat in Bayswater next week. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Bayswater?
Bayswater conveyancing on leasehold apartments often involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are entitled charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to sell the property.
I inherited a second floor flat in Bayswater. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
You certainly can. We can put you in touch with a Bayswater conveyancing firm who can help.
An example of a Lease Extension case for a Bayswater residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The the unexpired term as at the valuation date was 37.79 years.