Recently asked questions relating to Hoxton leasehold conveyancing
I am on look out for some leasehold conveyancing in Hoxton. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all 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.
Due to complete next month on a garden flat in Hoxton. Conveyancing lawyers assured me that they will have a report out to me on Monday. 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, freeholder
I’m about to sell my garden apartment in Hoxton.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 managing agents 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.
I am looking at a couple of apartments in Hoxton both have in the region of forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Hoxton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to appointing a Hoxton conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Hoxton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Hoxton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
I am the proprietor of a ground-floor 1950’s flat in Hoxton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Hoxton conveyancing firm who can help.
An example of a Lease Extension case for a Hoxton property 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 related to 2 flats. The the number of years remaining on the existing lease(s) was 72.39 years.
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