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

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Sample questions relating to Farringdon leasehold conveyancing

My husband and I may need to let out our Farringdon basement flat for a while due to a career opportunity. We instructed a Farringdon conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Farringdon do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I own a leasehold flat in Farringdon. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Farringdon who previously acted has long since retired.Any advice?

First make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Farringdon conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any top tips for leasehold conveyancing in Farringdon from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Farringdon can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
  • Many freeholders or managing agents in Farringdon levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Farringdon.
  • A minority of Farringdon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the freehold, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming formality and frustrates many a Farringdon conveyancing transaction. If a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125000 apartment in Farringdon in 8 days. The management company has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Farringdon?

    Farringdon conveyancing on leasehold maisonettes normally necessitates the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you if you want to sell the property.

    Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Farringdon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to determine the sum to be paid.

    An example of a Lease Extension decision for a Farringdon premises 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 related to 1 flat. The unexpired term was 66.8 years.

    Are there frequently found deficiencies that you come across in leases for Farringdon properties?

    There is nothing unique about leasehold conveyancing in Farringdon. All leases are unique and drafting errors can result in certain provisions 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
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 provide security, forcing the purchaser to pull out.