Examples of recent questions relating to leasehold conveyancing in Hampstead
Having had my offer accepted I require leasehold conveyancing in Hampstead. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all 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.
My wife and I may need to let out our Hampstead garden flat temporarily due to taking a sabbatical. We instructed a Hampstead conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Hampstead do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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 consent.
Planning to sign contracts shortly on a ground floor flat in Hampstead. Conveyancing solicitors assured me that they will have a report out to me 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:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
- The total extent of the demise. This will be the property itself but could also incorporate a loft or basement if applicable.
- Does the lease prevent you from renting out the property, or working from home
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
- Responsibility for repairing the window frames
- What you can do if a neighbour breach a clause of their lease?
Back In 2005, I bought a leasehold house in Hampstead. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Hampstead who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Hampstead conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Hampstead which have about fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Hampstead. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I am the proprietor 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 premium payable for a lease extension?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the amount due.
An example of a Lease Extension matter before the tribunal 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 was in relation to 2 flats. The the unexpired term as at the valuation date was 16.83 and 16.43.
I acquired a 2 bed flat in Hampstead, conveyancing having been completed in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Hampstead with an extended lease are worth £215,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2103
With 77 years left to run the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.