I have given 8 weeks notice to my existing landlord and must leave my let out property in Marylebone by the end of next month. Conveyancing for my house purchase is underway. How realistic is it to complete in six weeks as I wish to avoid having to move into temporary accommodation?
Generally one should not serve notice for your tenancy unless exchange of contracts has taken place. If you have not already done so, update to your conveyancer and request that they chase the other solicitors, try to get a realistic time scale from them that all parties will work towards
I have 71 years left on my lease and require a lease extension for my flat in Marylebone. Conveyancing solicitors on the Virgin panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/5/2025 the requirements read as follows :
Just had an offer accepted on a new build flat in Marylebone. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Marylebone
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan.
I am looking for a flat up to £305k and found one close by in Marylebone I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Marylebone for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
How does the Landlord & Tenant Act 1954 impact my business property in Marylebone and how can you help?
The particular law that you refer to provides protection to business lessees, granting the dueness to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Marylebone is one of our hundreds of locations in which the firms we work with are based
I am tempted by the attractive purchase price for a couple of flats in Marylebone both have about forty five years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Marylebone. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Marylebone. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Marylebone flat is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The number of years remaining on the existing lease(s) was 24.02 years.