Maida Vale leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Maida Vale. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Maida Vale - then the leasehold title will always include the basic details 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 own a leasehold flat in Maida Vale. Conveyancing and Aldermore mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Maida Vale who acted for me is not around.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. It is not necessary to incur the fees of a Maida Vale conveyancing practitioner 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of flats in Maida Vale which have in the region of 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Maida Vale is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Maida Vale conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any top tips for leasehold conveyancing in Maida Vale from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Maida Vale can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Maida Vale leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the consents in place do not contact the landlord without contacting your solicitor in advance.
We expect to complete the disposal of our £325000 flat in Maida Vale next week. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Maida Vale?
Maida Vale conveyancing on leasehold flats normally requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to complete the sale of your home.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Maida Vale conveyancing firm to help?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Freehold Enfranchisement decision for a Maida Vale residence is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The the unexpired term as at the valuation date was 70.02 years.