Having had my offer accepted I require leasehold conveyancing in Piccadilly. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is registered - and almost all are in Piccadilly - 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 am hoping to exchange soon on a leasehold property in Piccadilly. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Piccadilly should include some of the following:

• Do you need to have carpet in the flat or are you allowed wood flooring?

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Piccadilly. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Piccadilly ?

Most houses in Piccadilly are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Piccadilly so you should seriously consider looking for a Piccadilly conveyancing solicitor 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 lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Piccadilly which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Piccadilly is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Piccadilly 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 provide any advice for leasehold conveyancing in Piccadilly from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Piccadilly can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
• Many freeholders or managing agents in Piccadilly levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Piccadilly.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Piccadilly conveyancing firm to help?

Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price.

An example of a Lease Extension decision for a Piccadilly property is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 21 years.

Other Topics

Lease Extensions in Piccadilly