Experts for Leasehold Conveyancing in St John's Wood

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Leasehold conveyancing in St John's Wood is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in St John's Wood and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

St John's Wood leasehold conveyancing: Q and A’s

Planning to sign contracts shortly on a leasehold property in St John's Wood. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in St John's Wood should include some of the following:

  • You should receive a copy of the lease
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from subletting the property, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in St John's Wood please enquire of your solicitor in ahead of your conveyancing in St John's Wood

    • I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in St John's Wood. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in St John's Wood ?

    The majority of houses in St John's Wood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in St John's Wood so you should seriously consider shopping around for a St John's Wood conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.

    I've recently bought a leasehold flat in St John's Wood. Am I liable to pay service charges relating to a period prior to my ownership?

    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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 John's Wood with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in St John's Wood can be avoided if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
    • The majority landlords or Management Companies in St John's Wood levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in St John's Wood.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in St John's Wood state that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such changes. If you fail to have the approvals to hand you should not communicate with the landlord without checking with your solicitor in advance.
  • A minority of St John's Wood leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a first flat in St John's Wood. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

    if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

    An example of a Lease Extension case for a St John's Wood property is Garden Flat 195 Goldhurst Terrace in May 2012. The Tribunal held in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease should be £60,855.00. This case affected 1 flat. The unexpired lease term was 60.16 years.

    Are there common defects that you see in leases for St John's Wood properties?

    Leasehold conveyancing in St John's Wood is not unique. All leases is drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in St John's Wood