Leasehold Conveyancing in Charing Cross - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Charing Cross is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Charing Cross and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Charing Cross leasehold conveyancing Example Support Desk Enquiries

I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Charing Cross. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Charing Cross ?

The majority of houses in Charing Cross are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Charing Cross so you should seriously consider shopping around for a Charing Cross conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Charing Cross both have in the region of fifty years remaining on the leases. Do I need to be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to appointing a Charing Cross conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Charing Cross conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Charing Cross conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • What volume of lease extensions has the firm carried out in Charing Cross in the last year?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Charing Cross with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Charing Cross can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
    • Many freeholders or Management Companies in Charing Cross levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Charing Cross.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Charing Cross leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor in the first instance.
  • Some Charing Cross leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property 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 Charing Cross. Can we issue an application to the Residential Property Tribunal Service?

    if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the amount due.

    An example of a Freehold Enfranchisement decision for a Charing Cross premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The remaining number of years on the lease was 73.26 years.

    When it comes to leasehold conveyancing in Charing Cross what are the most frequent lease problems?

    Leasehold conveyancing in Charing Cross is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Alliance & Leicester 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 is defective they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Charing Cross