Recently asked questions relating to Belgravia leasehold conveyancing
I am in need of some leasehold conveyancing in Belgravia. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Belgravia - 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.
Estate agents have just been given the go-ahead to market my garden flat in Belgravia.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is pay the invoice 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 management companies 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've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Belgravia. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Belgravia are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Belgravia so you should seriously consider looking for a Belgravia conveyancing solicitor and be sure that they have experience in dealing with 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 to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I work for a busy estate agency in Belgravia where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Belgravia conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate 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 has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 275000 garden flat in Belgravia in seven days. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Belgravia?
Belgravia conveyancing on leasehold flats normally necessitates fees being invoiced by managing agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Belgravia
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Belgravia. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Belgravia conveyancing firm who can help.
An example of a Lease Extension decision for a Belgravia property is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case affected 1 flat. The remaining number of years on the lease was 13.33 years.
I am the registered owner of a split level flat in Belgravia, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Belgravia with an extended lease are worth £255,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2083
You have 57 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.