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Examples of recent questions relating to leasehold conveyancing in Hoxton

I am hoping to exchange soon on a garden flat in Hoxton. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Hoxton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Hoxton please ask your conveyancer in ahead of your conveyancing in Hoxton

    • I own a leasehold flat in Hoxton. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Hoxton who acted for me is not around.What should I do?

    First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Hoxton conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured 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 tempted by the attractive purchase price for a two maisonettes in Hoxton which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Hoxton. 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 decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

    What advice can you give us when it comes to appointing a Hoxton conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a Hoxton conveyancing practice) it is imperative 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 useful:

    • If they are not ALEP accredited then what is the reason?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Hoxton from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Hoxton can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Hoxton leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such changes. If you fail to have the approvals in place do not contact the landlord without contacting your conveyancer in advance.
  • Some Hoxton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a new share certificate is often a time consuming formality and slows down many a Hoxton home move. Where a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a two-bedroom flat in Hoxton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?

    You certainly can. We can put you in touch with a Hoxton conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Hoxton flat 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 affected 2 flats. The the number of years remaining on the existing lease(s) was 72.39 years.

    Other Topics

    Lease Extensions in Hoxton