I am about to put an offer on a leasehold apartment in Chalk Farm. The property agents tell me that it is normal for flats in Chalk Farm to have less than 75 years left on the lease. I am taking out a mortgage with Platform. Is this going to be a problem if the lease has 72 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/11/2024 the requirements read as follows :
I require fast conveyancing in Chalk Farm as I am under an ultimatum to exchange contracts in less than one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you are at liberty not to do searches although no solicitor would recommend that you don't. With plenty of history conveyancing in Chalk Farm the following are instances of issues that can appear and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Chalk Farm?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Chalk Farm. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build apartment in Chalk Farm. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Chalk Farm
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Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Chalk Farm is where the house is located. Can you shed any light on this issue?
Flying freeholds in Chalk Farm are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chalk Farm you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chalk Farm may determine 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 property.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Chalk Farm. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Chalk Farm are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Chalk Farm in which case you should be shopping around for a Chalk Farm conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I own a ground-floor 1960’s flat in Chalk Farm. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to determine the premium.
An example of a Lease Extension decision for a Chalk Farm flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired residue of the current lease was 64.77 years.