Top Five Questions relating to Holborn leasehold conveyancing
Due to exchange soon on a garden flat in Holborn. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Holborn should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my basement apartment in Holborn.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
My wife and I purchased a leasehold house in Holborn. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Holborn who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Holborn conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Holborn where we have experienced a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Holborn conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to appointing a Holborn conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Holborn conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Holborn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
I am the proprietor of a two-bedroom flat in Holborn. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Holborn conveyancing firm who can help.
An example of a Lease Extension case for a Holborn 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 66.8 years.