Frequently asked questions relating to Hoxton leasehold conveyancing
I am on look out for some leasehold conveyancing in Hoxton. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Hoxton - 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 wish to let out my leasehold apartment in Hoxton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs relations between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Hoxton do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am hoping to sign contracts shortly on a leasehold property in Hoxton. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Hoxton should include some of the following:
- Whether the lease restricts you from letting out the flat, or having a home office for business
What advice can you give us when it comes to finding a Hoxton conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Hoxton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Hoxton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Hoxton who can give a testimonial?
I own a basement flat in Hoxton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Hoxton premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.
Are there frequently found problems that you witness in leases for Hoxton properties?
Leasehold conveyancing in Hoxton is not unique. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.