Frequently asked questions relating to Enfield leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Enfield. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Enfield - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My wife and I may need to let out our Enfield ground floor flat for a while due to taking a sabbatical. We instructed a Enfield conveyancing practice in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Enfield do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Planning to complete next month on a leasehold property in Enfield. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Enfield should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just started marketing my garden apartment in Enfield.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge demand – what should I do?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of maisonettes in Enfield which have in the region of 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Enfield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than 75 years become less and less attractive. 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 Enfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.
I am the registered owner of a two-bedroom flat in Enfield. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Enfield conveyancing firm who can help.
An example of a Lease Extension decision for a Enfield property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The the unexpired residue of the current lease was 81.79 years.
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