I have recently realised that I have Sixty One years remaining on my lease in Cricklewood. I now want to get lease extension but my landlord is absent. What options are available to me?

If you qualify, 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 Court. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. In some cases a specialist should be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Cricklewood.

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Cricklewood. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Cricklewood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Cricklewood in which case you should be shopping around for a Cricklewood conveyancing solicitor and be sure that they are used to transacting 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 requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a couple of apartments in Cricklewood both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Cricklewood is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. 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 Cricklewood 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 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 any new 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 apartment in Cricklewood in just under a week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Cricklewood?

Cricklewood conveyancing on leasehold apartments often requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.

I own a ground-floor 1960’s flat in Cricklewood. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

Absolutely. We are happy to put you in touch with a Cricklewood conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Cricklewood premises is 73 and 73a St. Pauls Avenue in October 2013. the Tribunal held in accordance with section32 and Schedule 6 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the enfranchisement was
fifty three thousand three hundred and sixty one pounds (£53,361.00) This case was in relation to 2 flats. The the unexpired term as at the valuation date was 64.61 and 67.18.

In relation to leasehold conveyancing in Cricklewood what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Cricklewood. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts 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

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Clydesdale all have very detailed 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, forcing the buyer to pull out.

Other Topics

Lease Extensions in Cricklewood