Common questions relating to Paddington leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Paddington. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Paddington - 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 am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Paddington. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Paddington ?
The majority of houses in Paddington are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Paddington so you should seriously consider shopping around for a Paddington conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
My wife and I purchased a leasehold flat in Paddington. Conveyancing and Godiva Mortgages Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Paddington who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Paddington conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agent office in Paddington where we have witnessed a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Paddington conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to finding a Paddington conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Paddington conveyancing firm) it is most important 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. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
I am the leaseholder of a ground floor flat in Paddington. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Most certainly. We can put you in touch with a Paddington conveyancing firm who can help.
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 the unexpired term as at the valuation date was 24.02 years.