Sample questions relating to Soho leasehold conveyancing
I am in need of some leasehold conveyancing in Soho. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Soho - then the leasehold title will always include the basic details 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 only have 68 years unexpired on my flat in Soho. I need to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 demonstrate that you have done all that could be expected to find the freeholder. In some cases a specialist would be useful to conduct investigations and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Soho.
I have just started marketing my garden apartment in Soho.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – Do I pay up?
The sensible thing to do is 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 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've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Soho. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Soho ?
Most houses in Soho are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Soho in which case you should be shopping around for a Soho conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As 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’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I work for a reputable estate agent office in Soho where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Soho conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Soho. Can we issue an application to the Residential Property Tribunal Service?
Where 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 LVT to make a decision on the amount due.
An example of a Freehold Enfranchisement case for a Soho property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The remaining number of years on the lease was 73.26 years.
Other Topics