Common questions relating to Piccadilly leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years left on my lease in Piccadilly. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. For most situations a specialist should be useful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Piccadilly.
I am hoping to sign contracts shortly on a ground floor flat in Piccadilly. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Piccadilly should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I’m about to sell my 2 bed flat in Piccadilly.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies 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.
Completion in due on the sale of our £125000 flat in Piccadilly next Wednesday . The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Piccadilly?
Piccadilly conveyancing on leasehold apartments more often than not involves the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to complete the sale of your home.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Piccadilly. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension decision for a Piccadilly flat 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 unexpired lease term was 21 years.
When it comes to leasehold conveyancing in Piccadilly what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Piccadilly. All leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.