Examples of recent questions relating to leasehold conveyancing in Paddington
I have recently realised that I have 68 years unexpired on my flat in Paddington. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to track down the freeholder. For most situations a specialist should be helpful to try and locate and to produce a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Paddington.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Paddington. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Paddington are freehold rather than 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 buying in Paddington so you should seriously consider shopping around for a Paddington conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Paddington both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Paddington. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Paddington conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Paddington conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Paddington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Paddington from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Paddington can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Paddington leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Should you dont have the consents to hand do not contact the landlord without contacting your solicitor in advance.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Paddington conveyancing firm to help?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal 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 related to 2 flats. The unexpired lease term was 24.02 years.