Fixed-fee leasehold conveyancing in Soho:

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Top Five Questions relating to Soho leasehold conveyancing

Due to exchange soon on a basement flat in Soho. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Soho should include some of the following:

  • The physical extent of the premises. This will be the flat itself but might include a roof space or basement if appropriate.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Soho please enquire of your solicitor in advance of your conveyancing in Soho

    • I have just appointed agents to market my 2 bed flat in Soho.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?

    The sensible thing to do is discharge the service charge 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. This will smooth the conveyancing process.

    I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Soho. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Soho ?

    Most houses in Soho are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Soho in which case you should be shopping around for a Soho conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

    I am attracted to a couple of apartments in Soho both have approximately 50 years remaining on the lease term. Will this present a problem?

    There are plenty of short leases in Soho. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

    Last month I purchased a leasehold house in Soho. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    My wife and I have hit a brick wall in seeking a lease extension in Soho. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Absolutely. We can put you in touch with a Soho conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Soho premises 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 unexpired lease term was 73.26 years.

    Other Topics

    Lease Extensions in Soho