Top Five Questions relating to Maida Vale leasehold conveyancing
I have recently realised that I have 72 years unexpired on my lease in Maida Vale. I now want to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist should be helpful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Maida Vale.
I am hoping to exchange soon on a leasehold property in Maida Vale. 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?
Your report on title for your leasehold conveyancing in Maida Vale should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Repair and maintenance of the flat
- 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.
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
- Responsibility for repairing the window frames
- What you can do if a neighbour breach a clause of their lease?
Can you offer any advice when it comes to choosing a Maida Vale conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Maida Vale conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Maida Vale 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:
- How familiar is the firm with lease extension legislation?
- What are the charges for lease extension work?
Do you have any top tips for leasehold conveyancing in Maida Vale with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Maida Vale can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- Many landlords or Management Companies in Maida Vale levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Maida Vale.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Maida Vale leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand you should not contact the landlord without contacting your conveyancer in advance.
- If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unresolved.
- You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
We expect to complete the sale of our £ 350000 garden flat in Maida Vale next Monday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Maida Vale?
For most leasehold sales in Maida Vale conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Maida Vale
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in seeking a lease extension in Maida Vale. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement case for a Maida Vale property 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 was in relation to 2 flats. The remaining number of years on the lease was 70.02 years.
I am the registered owner of a 1 bedroom flat in Maida Vale, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Maida Vale with a long lease are worth £183,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2100
With only 74 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.