Examples of recent questions relating to leasehold conveyancing in Farringdon
Having had my offer accepted I require leasehold conveyancing in Farringdon. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Farringdon - 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 have just appointed agents to market my basement flat in Farringdon.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.
My wife and I purchased a leasehold flat in Farringdon. Conveyancing and Nottingham Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Farringdon who acted for me is not around.Do I pay?
First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Farringdon conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Farringdon which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Farringdon is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Farringdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete our sale of a £375000 garden flat in Farringdon next week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Farringdon?
Farringdon conveyancing on leasehold flats ordinarily involves fees being invoiced by managing agents :
- Answering pre-contract questions
- Where consent is required before sale in Farringdon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a second floor flat in Farringdon. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
You certainly can. We are happy to put you in touch with a Farringdon conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Farringdon residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The the unexpired residue of the current lease was 66.8 years.