I have given 2 months notice to my current landlord and have to vacate my rented apartment in North London by the end of next month. Conveyancing on my purchase has just started. Is it possible to complete in a couple of weeks as don't want to have to move into short term accommodation?
Generally one should not give notice for your letting until you have exchanged. Assuming that you have not previously done so, update to your lawyer and ask them to they apply pressure on the owners solicitors, try to an acceptable time-line that everyone will work to achieve
I own a freehold premises in North London yet invoiced for rent, why is this and what is this?
It’s unusual for properties in North London and has limited impact for conveyancing in North London but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
My wife and I own a 4 bedroom Edwardian property in North London. Conveyancing lawyer represented me and TSB. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North London and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing lawyer who carried out the work.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. North London is where the house is located. Is there any advice you can impart?
Flying freeholds in North London are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North London you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North London may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking at a couple of apartments in North London both have about 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in North London is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less marketable. 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 a 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 North London 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in North London. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a North London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a North London premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.
Me and my partner are first time buyers just having agreed a price on a property in North London, and need to get solicitors instructed. We have used the various comparison based websites and the fee estimates are from all over the country. Is it important to have a North London solicitor local to your potential house? I am willing to do all the communicating over the web, but I am thinking at some stage we will be required to attend the lawyer's office to sign papers?
The property lawyer does not need to be in North London, but opting for local means that you have the option to go in if you need to, for instance, if a signature is immediately necessary. In addition, a North London solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancer) with them, which will help keep things moving faster.