Experts for Leasehold Conveyancing in Paddington

Get a Quote

Leasehold conveyancing in Paddington is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Paddington and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Paddington leasehold conveyancing

There are only Seventy years left on my lease in Paddington. I now want to get lease extension but my freeholder is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases a specialist may be useful to carry out a search and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Paddington.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Paddington. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks 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 conveyancer 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 looking for a Paddington conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Paddington both have in the region of 50 years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Paddington. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Paddington from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Paddington can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
  • Many landlords or managing agents in Paddington charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Paddington.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Paddington leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such works. If you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor first.
  • A minority of Paddington leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 present the dispute as historic as opposed to ongoing.

    • Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Paddington. Can we issue an application to the Residential Property Tribunal Service?

    if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the sum to be paid.

    An example of a Lease Extension matter before the tribunal 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 number of years remaining on the existing lease(s) was 24.02 years.

    What makes a Paddington lease problematic?

    There is nothing unique about leasehold conveyancing in Paddington. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Paddington