Guaranteed fixed fees for Leasehold Conveyancing in New Covent Garden

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I have just appointed agents to market my ground floor flat in New Covent Garden.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you 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 until 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 reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in New Covent Garden. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in New Covent Garden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in New Covent Garden so you should seriously consider shopping around for a New Covent Garden conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

Back In 2009, I bought a leasehold house in New Covent Garden. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in New Covent Garden who acted for me is not around.What should I do?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a New Covent Garden conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a reputable estate agent office in New Covent Garden where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local New Covent Garden conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 prior to, 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.

Do you have any top tips for leasehold conveyancing in New Covent Garden from the point of view of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in New Covent Garden can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in New Covent Garden state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your lawyer first.
  • A minority of New Covent Garden 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 obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and delays many a New Covent Garden conveyancing deal. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a 2 bed flat in New Covent Garden, conveyancing having been completed 2002. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in New Covent Garden with over 90 years remaining are worth £180,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2096

    With only 71 years unexpired we estimate the price of your lease extension to be between £13,300 and £15,400 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in New Covent Garden