Examples of recent questions relating to leasehold conveyancing in Canonbury
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Canonbury. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Canonbury ?
Most houses in Canonbury are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Canonbury so you should seriously consider looking for a Canonbury conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
Back In 2005, I bought a leasehold house in Canonbury. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Canonbury who acted for me is not around.What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Canonbury conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note 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 work for a busy estate agent office in Canonbury where we see a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Canonbury conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension process for the buyer?
As long as 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.
Completion in due on our sale of a £350000 apartment in Canonbury next week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Canonbury?
Canonbury conveyancing on leasehold apartments normally requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Canonbury. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Canonbury conveyancing firm who can help.
An example of a Lease Extension case for a Canonbury property is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The the unexpired term as at the valuation date was 80.5 years.
In relation to leasehold conveyancing in Canonbury what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Canonbury. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Barclays Direct all have very detailed 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 grant the mortgage, forcing the buyer to pull out.