Hampstead leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Hampstead. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Hampstead - then the leasehold title will always include the basic details 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.
My fiance and I may need to sub-let our Hampstead basement flat temporarily due to a career opportunity. We instructed a Hampstead conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Hampstead do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Due to exchange soon on a garden flat in Hampstead. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hampstead should include some of the following:
- You should be sent a copy of the lease
Can you offer any advice when it comes to finding a Hampstead conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Hampstead conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Hampstead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions have they completed in Hampstead in the last 12 months?
Completion in due on the sale of our £425000 flat in Hampstead next week. The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Hampstead?
Hampstead conveyancing on leasehold apartments normally requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the leaseholder of a second floor flat in Hampstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Hampstead conveyancing firm who can help.
An example of a Lease Extension case for a Hampstead property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 16.83 and 16.43.
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