Top Five Questions relating to Burnt Oak leasehold conveyancing
My husband and I may need to let out our Burnt Oak basement flat temporarily due to taking a sabbatical. We used a Burnt Oak conveyancing practice in 2003 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Burnt Oak do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold 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 62 years remaining on my flat in Burnt Oak. I need to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, 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 granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. In some cases a specialist should be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Burnt Oak.
Estate agents have just been given the go-ahead to market my garden flat in Burnt Oak.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge 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 unless 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. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Burnt Oak. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Burnt Oak are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Burnt Oak so you should seriously consider shopping around for a Burnt Oak conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I am employed by a long established estate agency in Burnt Oak where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Burnt Oak conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a two-bedroom flat in Burnt Oak. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most definitely. We are happy to put you in touch with a Burnt Oak conveyancing firm who can help.
An example of a Lease Extension decision for a Burnt Oak property is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case related to 1 flat. The the unexpired term as at the valuation date was 71.55 years.
I purchased a garden flat in Burnt Oak, conveyancing was carried out 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Burnt Oak with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2077
With 51 years left to run we estimate the price of your lease extension to be between £34,200 and £39,600 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.