Fixed-fee leasehold conveyancing in Smithfield:

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Top Five Questions relating to Smithfield leasehold conveyancing

Having checked my lease I have discovered that there are only 72 years remaining on my lease in Smithfield. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases an enquiry agent would be helpful to conduct investigations and to produce an expert document which can be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Smithfield.

Expecting to sign contracts shortly on a garden flat in Smithfield. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • The physical extent of the demise. This will be the apartment itself but may incorporate a roof space or cellar if appropriate.
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Smithfield please ask your lawyer in advance of your conveyancing in Smithfield

    • Back In 2000, I bought a leasehold house in Smithfield. Conveyancing and Leeds Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Smithfield who acted for me is not around.Do I pay?

    First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Smithfield conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, 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 tempted by the attractive purchase price for a couple of apartments in Smithfield which have in the region of forty five years remaining on the leases. Will this present a problem?

    A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

    What makes a Smithfield lease defective?

    There is nothing unique about leasehold conveyancing in Smithfield. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • 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

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I bought a garden flat in Smithfield, conveyancing having been completed in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Smithfield with an extended lease are worth £214,000. The ground rent is £55 yearly. The lease finishes on 21st October 2088

    With 63 years remaining on your lease we estimate the price of your lease extension to span between £20,900 and £24,200 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Smithfield