Frequently asked questions relating to Cricklewood leasehold conveyancing
I am in need of some leasehold conveyancing in Cricklewood. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Cricklewood - then the leasehold title will always include the basic details 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.
Expecting to sign contracts shortly on a garden flat in Cricklewood. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cricklewood should include some of the following:
- The total extent of the demise. This will be the flat itself but may include a loft or basement if applicable.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Cricklewood. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cricklewood ?
Most houses in Cricklewood are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Cricklewood so you should seriously consider looking for a Cricklewood conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I am attracted to a couple of apartments in Cricklewood which have about fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Cricklewood. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
I work for a long established estate agent office in Cricklewood where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Cricklewood conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Cricklewood conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Cricklewood property 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 residue of the current lease was 64.61 and 67.18.
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