Experts for Leasehold Conveyancing in Crouch End

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Questions and Answers: Crouch End leasehold conveyancing

I am in need of some leasehold conveyancing in Crouch End. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Crouch End - 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.

Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Crouch End. I now want to extend my lease but my landlord is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. For most situations an enquiry agent should be useful to try and locate and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Crouch End.

I am attracted to a two apartments in Crouch End both have approximately forty five years left on the lease term. Will this present a problem?

A lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Crouch End with the purpose of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Crouch End can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • Many freeholders or managing agents in Crouch End levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for 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 common reason for frustration in leasehold conveyancing in Crouch End.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a replacement share certificate is often a time consuming process and delays many a Crouch End conveyancing transaction. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • My wife and I have hit a brick wall in trying to purchase the freehold in Crouch End. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the amount due.

    An example of a Lease Extension matter before the tribunal for a Crouch End residence 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 remaining number of years on the lease was 67.85 years.

    What are the frequently found deficiencies that you see in leases for Crouch End properties?

    There is nothing unique about leasehold conveyancing in Crouch End. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Crouch End