White City leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in White City. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in White City - 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.
Due to sign contracts shortly on a basement flat in White City. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in White City should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am looking at a couple of flats in White City which have approximately forty five years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in White City is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with White City conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to finding a White City conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a White City conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non White City conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How many lease extensions have they carried out in White City in the last year?
Can you provide any advice for leasehold conveyancing in White City from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in White City can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- The majority freeholders or Management Companies in White City levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in White City.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in White City. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a White City conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a White City property is 23 & 23A Collingbourne Road in June 2013. Tribunal was dealing with the assessment of the value of the freehold reversion and determination of the terms of the acquisition pursuant to an Order of District Judge Lightman dated 25 February 2013 vesting the freehold interest in the property in the applicant. The tribunal assessed the price of the freehold (to which any arrears or other sums due to the missing landlord under the leases should be added) at £81,638. This case affected 2 flats. The the unexpired residue of the current lease was 64.5 years.