Frequently asked questions relating to Fitzrovia leasehold conveyancing
Looking forward to complete next month on a ground floor flat in Fitzrovia. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fitzrovia should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am attracted to a two flats in Fitzrovia both have in the region of fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Fitzrovia is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Fitzrovia conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
What are your top tips when it comes to choosing a Fitzrovia conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Fitzrovia conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Fitzrovia conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Fitzrovia from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Fitzrovia can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- The majority landlords or managing agents in Fitzrovia charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Fitzrovia.
We expect to complete the sale of our £175000 apartment in Fitzrovia next week. The managing agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Fitzrovia?
Fitzrovia conveyancing on leasehold maisonettes ordinarily involves fees being levied by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Fitzrovia
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a basement flat in Fitzrovia. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Absolutely. We are happy to put you in touch with a Fitzrovia conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Fitzrovia 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 related to 1 flat. The the unexpired term as at the valuation date was 73.26 years.