Top Five Questions relating to Clerkenwell leasehold conveyancing
I am on look out for some leasehold conveyancing in Clerkenwell. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Clerkenwell - 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 have recently realised that I have Sixty One years remaining on my lease in Clerkenwell. I am keen to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have used your best endeavours to locate the landlord. On the whole a specialist would be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Clerkenwell.
Expecting to exchange soon on a leasehold property in Clerkenwell. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Clerkenwell should include some of the following:
- Defining your legal entitlements in respect of the communal areas in the building.For instance, does the lease grant a right of way over an accessway or hallways?
I am employed by a busy estate agent office in Clerkenwell where we have experienced a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Clerkenwell conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to finding a Clerkenwell conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Clerkenwell conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Clerkenwell conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
I am the proprietor of a basement flat in Clerkenwell. 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?
Most definitely. We are happy to put you in touch with a Clerkenwell conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Clerkenwell property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired lease term was 66.8 years.