Recently asked questions relating to North East London leasehold conveyancing
I am in need of some leasehold conveyancing in North East London. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in North East London - 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.
I have just appointed agents to market my 2 bed apartment in North East London.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice 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 management companies will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in North East London. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in North East London who previously acted has now retired.What should I do?
First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a North East London conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in North East London which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in North East London. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
If all goes to plan we aim to complete the sale of our £350000 apartment in North East London next week. The freeholder has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in North East London?
North East London conveyancing on leasehold flats normally involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to do so. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I am the registered owner of a ground floor flat in North East London, conveyancing formalities finalised in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in North East London with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2075
With 55 years unexpired the likely cost is going to range between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do 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 want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.