Looking forward to sign contracts shortly on a ground floor flat in Pimlico. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

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

• The total extent of the demise. This will be the apartment itself but may include a loft or cellar if applicable.

I am attracted to a two flats in Pimlico both have about fifty years left on the lease term. Will this present a problem?

There are plenty of short leases in Pimlico. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Can you offer any advice when it comes to choosing a Pimlico conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Pimlico conveyancing firm) it is imperative that he or she should 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 Pimlico conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• If they are not ALEP accredited then why not?

Completion in due on the sale of our £225000 garden flat in Pimlico in six days. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Pimlico?

Pimlico conveyancing on leasehold maisonettes more often than not involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.

Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Pimlico. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the amount due.

An example of a Lease Extension case for a Pimlico property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired lease term was 56 years.

What are the frequently found deficiencies that you see in leases for Pimlico properties?

There is nothing unique about leasehold conveyancing in Pimlico. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

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. Yorkshire Building Society, Skipton 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, obliging the purchaser to pull out.

Other Topics

Lease Extensions in Pimlico