Guaranteed fixed fees for Leasehold Conveyancing in Belsize Park

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Belsize Park leasehold conveyancing: Q and A’s

I own a leasehold flat in Belsize Park. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Belsize Park who previously acted has long since retired.Do I pay?

First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Belsize Park conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Belsize Park both have about 50 years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Belsize Park. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is 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 difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to appointing a Belsize Park conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Belsize Park conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Belsize Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If they are not ALEP accredited then why not?
  • How many lease extensions have they completed in Belsize Park in the last 12 months?

    • Do you have any top tips for leasehold conveyancing in Belsize Park from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Belsize Park can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
    • The majority freeholders or managing agents in Belsize Park charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Belsize Park.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Belsize Park state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. Should you dont have the paperwork in place you should not communicate with the landlord without checking with your lawyer in advance.
  • A minority of Belsize Park leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and slows down many a Belsize Park home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Belsize Park conveyancing firm to act on my behalf?

    in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the sum to be paid.

    An example of a Lease Extension matter before the tribunal for a Belsize Park property is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 16.83 and 16.43.

    What makes a Belsize Park lease problematic?

    Leasehold conveyancing in Belsize Park is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in Belsize Park