Frequently asked questions relating to Marylebone leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Marylebone. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Marylebone ?
Most houses in Marylebone are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Marylebone in which case you should be looking for a Marylebone conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two maisonettes in Marylebone both have about fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Marylebone. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold flat in Marylebone. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to choosing a Marylebone conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Marylebone conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Marylebone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Marylebone with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Marylebone can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Marylebone leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the approvals in place do not contact the landlord without checking with your lawyer before hand.
I am the leaseholder of a first floor flat in Marylebone. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Most certainly. We can put you in touch with a Marylebone conveyancing firm who can help.
An example of a Lease Extension decision for a Marylebone property is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case was in relation to 2 flats. The the unexpired term as at the valuation date was 24.02 years.