I wish to let out my leasehold apartment in Clerkenwell. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

A small minority of properties in Clerkenwell 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 review references. Experience dictates 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 permission.

There are only 62 years left on my lease in Clerkenwell. I am keen to get lease extension but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. In some cases a specialist may be useful to conduct investigations and to produce a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Clerkenwell.

I am looking at a couple of apartments in Clerkenwell both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Clerkenwell 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 premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 premises 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 Clerkenwell 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 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 Clerkenwell with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Clerkenwell can be avoided where 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 freeholders or Management Companies in Clerkenwell levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Clerkenwell.

If all goes to plan we aim to complete the sale of our £200000 apartment in Clerkenwell next week. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Clerkenwell?

Clerkenwell conveyancing on leasehold apartments often necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I own a second floor flat in Clerkenwell. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?

if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the sum to be paid.

An example of a Lease Extension matter before the tribunal for a Clerkenwell flat 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 was in relation to 1 flat. The unexpired term was 66.8 years.

Other Topics

Lease Extensions in Clerkenwell