St Giles leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in St Giles. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in St Giles - 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.
My husband and I may need to rent out our St Giles basement flat for a while due to a career opportunity. We used a St Giles conveyancing firm in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
The lease dictates relations between the freeholder and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in St Giles do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Last month I purchased a leasehold property in St Giles. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Do you have any top tips for leasehold conveyancing in St Giles from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in St Giles can be reduced if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in St Giles state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. Where you fail to have the consents to hand do not communicate with the landlord without contacting your solicitor in advance.
- If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.
- If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Arranging a re-issued share certificate can be a time consuming process and slows down many a St Giles home move. Where a duplicate share is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
- You may think that you are aware of the number of years left on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £ 425000 apartment in St Giles next Thursday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in St Giles?
St Giles conveyancing on leasehold maisonettes ordinarily necessitates administration charges raised by landlords agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in St Giles
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in St Giles. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a St Giles conveyancing firm who can help.
An example of a Lease Extension decision for a St Giles property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The remaining number of years on the lease was 66.8 years.
I invested in buying a basement flat in St Giles, conveyancing having been completed 7 years ago. How much will my lease extension cost? Equivalent properties in St Giles with a long lease are worth £237,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2096
With 70 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.