Pimlico leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Pimlico. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Pimlico - 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 have just appointed agents to market my garden apartment in Pimlico.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
It best that you discharge 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Pimlico. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Pimlico who previously acted has now retired.What should I do?
First contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Pimlico conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in Pimlico from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Pimlico can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Pimlico leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the consents in place you should not contact the landlord without contacting your lawyer first.
I am the proprietor of a basement flat in Pimlico. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most definitely. We are happy to put you in touch with a Pimlico conveyancing firm who can help.
An example of a Lease Extension decision for a Pimlico residence 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 the unexpired residue of the current lease was 56 years.
What makes a Pimlico lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Pimlico. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.