Common questions relating to Maida Vale leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Maida Vale. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Maida Vale - 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.
I have just started marketing my garden flat in Maida Vale.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies will not acknowledge the buyer unless 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 two maisonettes in Maida Vale which have approximately fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Maida Vale. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Maida Vale with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Maida Vale can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Maida Vale leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the approvals to hand do not communicate with the landlord without checking with your conveyancer first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 flat in Maida Vale next week. The management company has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Maida Vale?
Maida Vale conveyancing on leasehold apartments normally involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.
I have given up trying to purchase the freehold in Maida Vale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at 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 related to 2 flats. The the unexpired term as at the valuation date was 70.02 years.