I am on look out for some leasehold conveyancing in Hampstead. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Hampstead - 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 today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hampstead. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hampstead ?

The majority of houses in Hampstead are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Hampstead so you should seriously consider looking for a Hampstead conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

Back In 2004, I bought a leasehold house in Hampstead. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Hampstead who previously acted has long since retired.Any advice?

First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Hampstead conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Hampstead which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

Can you provide any top tips for leasehold conveyancing in Hampstead with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Hampstead can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
• Many landlords or managing agents in Hampstead levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hampstead.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Hampstead leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer first.
• A minority of Hampstead leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
• You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore important 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.

I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Hampstead conveyancing firm to help?

Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.

An example of a Lease Extension case for a Hampstead flat 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 was in relation to 2 flats. The unexpired lease term was 16.83 and 16.43.

Hampstead Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Where a Hampstead lease has no more than eighty years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. For most Hampsteadlease extensions you will need to own the residence for 24 months in order to be eligible to exercise a lease extension. It is important to be aware if window replacement or some other significant cost is due in the near future that will be shared amongst the leaseholders and will materially impact the level of the maintenance fees or necessitate a one off payment.