Leasehold Conveyancing in Arnos Grove - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Arnos Grove leasehold conveyancing

I am on look out for some leasehold conveyancing in Arnos Grove. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most are in Arnos Grove - then the leasehold title will always include the short particulars 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.

I wish to sublet my leasehold flat in Arnos Grove. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for properties in Arnos Grove 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 see references. Experience suggests 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 consent.

I only have Sixty One years left on my flat in Arnos Grove. I now want to get lease extension but my freeholder is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases an enquiry agent should be useful to try and locate and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Arnos Grove.

I am tempted by the attractive purchase price for a two flats in Arnos Grove which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Arnos Grove is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and banks, leases with under eighty 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 premises 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 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 Arnos Grove 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 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.

Do you have any top tips for leasehold conveyancing in Arnos Grove with the aim of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Arnos Grove can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority landlords or managing agents in Arnos Grove charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Arnos Grove.
  • A minority of Arnos Grove leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Arnos Grove conveyancing firm to assist?

    Absolutely. We can put you in touch with a Arnos Grove conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Arnos Grove flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The remaining number of years on the lease was 70.31 years.