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
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?
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.
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.
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