Paddington leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Paddington. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Paddington - then the leasehold title will always include the basic details 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.
Planning to exchange soon on a basement flat in Paddington. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Paddington should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I own a leasehold flat in Paddington. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Paddington who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Paddington conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of maisonettes in Paddington which have approximately fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Paddington is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Paddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to appointing a Paddington conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Paddington conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Paddington 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:
- What volume of lease extensions has the firm conducted in Paddington in the last 12 months?
I am the registered owner of a first flat in Paddington. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
in cases where there is a absentee freeholder or where 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 assess the premium.
An example of a Lease Extension case for a Paddington residence 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 affected 2 flats. The remaining number of years on the lease was 24.02 years.