Fixed-fee leasehold conveyancing in Camden Town:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Camden Town, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Camden Town leasehold conveyancing

Back In 2000, I bought a leasehold flat in Camden Town. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Camden Town who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Camden Town 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 the limitation period for recovery of ground rent is six years.

I work for a long established estate agent office in Camden Town where we have experienced a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local Camden Town conveyancing solicitors. Can you clarify whether the seller of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

What advice can you give us when it comes to choosing a Camden Town conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Camden Town conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Camden Town 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 helpful:

  • How experienced is the practice with lease extension legislation?
  • How many lease extensions has the firm completed in Camden Town in the last year?

    • Do you have any advice for leasehold conveyancing in Camden Town with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Camden Town can be avoided where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • Many landlords or managing agents in Camden Town charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Camden Town.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate can be a lengthy process and delays many a Camden Town conveyancing transaction. Where a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Camden Town. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the sum to be paid.

    An example of a Lease Extension decision for a Camden Town flat is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 62.79 years.

    What makes a Camden Town lease unacceptable for security purposes?

    Leasehold conveyancing in Camden Town is not unique. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.