Questions and Answers: Crouch End leasehold conveyancing
I am intending to rent out my leasehold apartment in Crouch End. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Crouch End do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests 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 consent.
Expecting to exchange soon on a garden flat in Crouch End. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Crouch End should include some of the following:
- The physical extent of the premises. This will be the flat itself but might include a loft or cellar if applicable.
I own a leasehold house in Crouch End. Conveyancing and Britannia mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Crouch End who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Crouch End conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Crouch End which have in the region of forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Crouch End is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 Crouch End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Can you provide any advice for leasehold conveyancing in Crouch End with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Crouch End can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Crouch End leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. Where you dont have the consents to hand do not contact the landlord without contacting your lawyer before hand.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Crouch End conveyancing firm to help?
You certainly can. We can put you in touch with a Crouch End conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Crouch End premises is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case affected 1 flat. The the number of years remaining on the existing lease(s) was 67.85 years.