Common questions relating to Paddington leasehold conveyancing
I only have 68 years left on my lease in Paddington. I need to extend my lease but my freeholder is absent. What are my options?
If 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 have made all reasonable attempts to locate the landlord. On the whole an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Paddington.
I am tempted by the attractive purchase price for a two apartments in Paddington which have approximately forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Paddington. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Paddington from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Paddington can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or Management Companies in Paddington levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Paddington.
Completion in due on our sale of a £225000 maisonette in Paddington in 8 days. The managing agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Paddington?
For most leasehold sales in Paddington 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 Paddington
- Copies of the building insurance and schedule
- 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 Paddington. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Paddington 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 unexpired lease term was 24.02 years.
What are the common problems that you witness in leases for Paddington properties?
There is nothing unique about leasehold conveyancing in Paddington. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.