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

Even though your last Barnsbury conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or some other party before subletting. This means that you cannot sublet without prior consent. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.

I own a leasehold house in Barnsbury. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Barnsbury who acted for me is not around.Do I pay?

First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Barnsbury conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two apartments in Barnsbury both have in the region of 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Barnsbury is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers 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 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 Barnsbury 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 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 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.

Do you have any top tips for leasehold conveyancing in Barnsbury with the purpose of expediting the sale process?

• Much of the delay in leasehold conveyancing in Barnsbury can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Barnsbury charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Barnsbury.

I inherited a ground-floor 1960’s flat in Barnsbury. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?

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

An example of a Lease Extension case for a Barnsbury property is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case was in relation to 1 flat. The the unexpired residue of the current lease was 62.79 years.

What are the common deficiencies that you encounter in leases for Barnsbury properties?

There is nothing unique about leasehold conveyancing in Barnsbury. All leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Other Topics

Lease Extensions in Barnsbury