Fixed-fee leasehold conveyancing in Paddington:

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Paddington leasehold conveyancing Example Support Desk Enquiries

Expecting to exchange soon on a garden flat in Paddington. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Paddington should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Are pets allowed in the flat?
  • You need to be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Paddington please ask your solicitor in ahead of your conveyancing in Paddington

  • Back In 2001, I bought a leasehold house in Paddington. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Paddington who previously acted has long since retired.What should I do?

    First contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Paddington conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am attracted to a two apartments in Paddington which have in the region of fifty years unexpired on the leases. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Paddington is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

    I work for a long established estate agency in Paddington where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Paddington conveyancing solicitors. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?

    Provided that the seller has owned the lease 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 for a lease extension. 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.

    Do you have any top tips for leasehold conveyancing in Paddington with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Paddington can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • Many freeholders or managing agents in Paddington levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Paddington.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a new share certificate is often a lengthy process and slows down many a Paddington home move. Where a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Paddington conveyancing firm to help?

    in cases where there is a missing landlord 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 First-tier Tribunal (Property Chamber) to make a decision on the premium.

    An example of a Lease Extension decision for a Paddington flat 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 the unexpired residue of the current lease was 24.02 years.

    Other Topics

    Lease Extensions in Paddington