Examples of recent questions relating to leasehold conveyancing in Chalk Farm
Having had my offer accepted I require leasehold conveyancing in Chalk Farm. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Chalk Farm - then the leasehold title will always include the short particulars 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.
Planning to complete next month on a basement flat in Chalk Farm. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chalk Farm should include some of the following:
- You should be sent a copy of the lease
I've recently bought a leasehold house in Chalk Farm. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 employed by a reputable estate agency in Chalk Farm where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Chalk Farm conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 flat in Chalk Farm in 5 days. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Chalk Farm?
Chalk Farm conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Chalk Farm. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Chalk Farm conveyancing firm who can help.
An example of a Lease Extension case for a Chalk Farm premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The the unexpired term as at the valuation date was 64.77 years.