Sample questions relating to Canonbury leasehold conveyancing
I want to sublet my leasehold apartment in Canonbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Canonbury conveyancing lawyer is not around you can review your lease to see if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you need to obtain permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of first obtaining permission. Such consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
Expecting to exchange soon on a garden flat in Canonbury. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Canonbury should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Canonbury. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Canonbury ?
The majority of houses in Canonbury are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Canonbury in which case you should be looking for a Canonbury conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
I work for a long established estate agency in Canonbury where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Canonbury conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I am the proprietor of a second floor flat in Canonbury. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Most certainly. We are happy to put you in touch with a Canonbury conveyancing firm who can help.
An example of a Lease Extension decision for a Canonbury flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired lease term was 80.5 years.
What makes a Canonbury lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Canonbury. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. 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 property
- A duty to insure the building
- 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 could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.