Recently asked questions relating to Covent Garden leasehold conveyancing
I am on look out for some leasehold conveyancing in Covent Garden. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Covent Garden - 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.
I’m about to sell my garden apartment in Covent Garden.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Covent Garden. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Covent Garden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Covent Garden in which case you should be looking for a Covent Garden conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a two flats in Covent Garden both have about 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Covent Garden. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
All being well we will complete the sale of our £375000 garden flat in Covent Garden on Monday in a week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Covent Garden?
For most leasehold sales in Covent Garden conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Covent Garden
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Covent Garden. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Covent Garden conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Covent Garden property 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 the unexpired residue of the current lease was 73.26 years.