I was informed recently by my IFA that my Fitzrovia lawyer is not on the bank Conveyancing panel. What can I do to check?

You need to contact your Fitzrovia lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may be able to suggest a Fitzrovia conveyancing firm that is on the approved list of lawyers for your bank.

We're in Fitzrovia, First timers buying with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

My colleague recommended that if I am purchasing in Fitzrovia I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?

A search of this type is usually quoted for as part of the standard Fitzrovia conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Fitzrovia around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Fitzrovia Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Fitzrovia.

Me and my brother have a terraced Victorian property in Fitzrovia. Conveyancing practitioner acted for me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the exact same property. I'd like to know for sure, how can I find out??

You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fitzrovia 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 lenders. You can also question the position with your conveyancing practitioner who completed the work.

I am tempted by the attractive purchase price for a couple of flats in Fitzrovia which have in the region of fifty years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Fitzrovia 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 property. For most buyers and banks, 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 residence 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 Fitzrovia 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

I am the proprietor of a ground-floor 1960’s flat in Fitzrovia. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

Most certainly. We are happy to put you in touch with a Fitzrovia conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a Fitzrovia flat 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 unexpired residue of the current lease was 73.26 years.