Common questions relating to Blackfriars leasehold conveyancing
I am on look out for some leasehold conveyancing in Blackfriars. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Blackfriars - then the leasehold title will always include the basic details 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.
I own a leasehold house in Blackfriars. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Blackfriars who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Blackfriars conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in Blackfriars. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a busy estate agent office in Blackfriars where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Blackfriars conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. The benefit of this is 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 needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to choosing a Blackfriars conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Blackfriars conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Blackfriars conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm completed in Blackfriars in the last twenty four months?
- Can they put you in touch with client in Blackfriars who can give a testimonial?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Blackfriars conveyancing firm to assist?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Lease Extension case for a Blackfriars residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term was 66.8 years.
Blackfriars Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Please note that where the lease has no more than eighty years it will impact the value of the apartment. Check with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for a couple of years before you are legally able to carry out a lease extension.
Make sure you investigate if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Blackfriars. If you love the apartmentin Blackfriars but your dog can’t move with you then you have a very difficult decision.