Westminster leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Westminster. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Westminster - 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Westminster. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Westminster ?
Most houses in Westminster are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Westminster so you should seriously consider looking for a Westminster 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 entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I am looking at a couple of apartments in Westminster both have approximately fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Westminster. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold house in Westminster. Do I have any liability for service charges for periods before 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 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).
I am a negotiator for a reputable estate agency in Westminster where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Westminster conveyancing firms. Can you clarify whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I am the registered owner of a first flat in Westminster. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Absolutely. We can put you in touch with a Westminster conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Westminster premises 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 affected 2 flats. The the unexpired term as at the valuation date was 56 years.
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