Common questions relating to Paddington leasehold conveyancing
I am on look out for some leasehold conveyancing in Paddington. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all 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 want to let out my leasehold flat in Paddington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Paddington do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have just appointed agents to market my 2 bed apartment in Paddington.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Paddington. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Paddington are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Paddington in which case you should be shopping around for a Paddington conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
All being well we will complete the disposal of our £400000 garden flat in Paddington on Monday in a week. The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Paddington?
Paddington conveyancing on leasehold maisonettes usually involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Paddington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the sum to be paid.
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 affected 2 flats. The unexpired term was 24.02 years.
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