Leasehold Conveyancing in Belsize Park - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Belsize Park, you will need to chose a conveyancing solicitor with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Belsize Park conveyancing lawyer with our search tool

Examples of recent questions relating to leasehold conveyancing in Belsize Park

Looking forward to sign contracts shortly on a basement flat in Belsize Park. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Belsize Park should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Whether the lease restricts you from renting out the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Belsize Park please enquire of your conveyancer in advance of your conveyancing in Belsize Park

    • I am tempted by the attractive purchase price for a couple of flats in Belsize Park which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Belsize Park is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Belsize Park 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.

    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 solicitor for your lease extension (regardless if they are a Belsize Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Belsize Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Do you have any advice for leasehold conveyancing in Belsize Park from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Belsize Park can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • Many freeholders or managing agents in Belsize Park charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Belsize Park.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Belsize Park leases often stipulate 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 consents in place do not contact the landlord without contacting your conveyancer before hand.
  • A minority of Belsize Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 hold a share in a the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate is often a time consuming process and slows down many a Belsize Park home move. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • Completion in due on our sale of a £400000 flat in Belsize Park on Tuesday in a week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Belsize Park?

    Belsize Park conveyancing on leasehold flats usually involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

    I am the leaseholder of a first floor flat in Belsize Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

    You certainly can. We can put you in touch with a Belsize Park conveyancing firm who can help.

    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 related to 2 flats. The unexpired term was 16.83 and 16.43.

    Other Topics

    Lease Extensions in Belsize Park