Dollis Hill leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Dollis Hill. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Dollis Hill - 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.
I wish to sublet my leasehold apartment in Dollis Hill. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Dollis Hill conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet in the absence of prior permission. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
Due to sign contracts shortly on a garden flat in Dollis Hill. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Dollis Hill should include some of the following:
- The physical extent of the demise. This will be the flat itself but might incorporate a loft or basement if applicable.
I am attracted to a couple of flats in Dollis Hill which have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Dollis Hill is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under eighty years become less and less marketable. 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 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 Dollis Hill 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.
I work for a long established estate agency in Dollis Hill where we see a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Dollis Hill conveyancing solicitors. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as 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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Dollis Hill conveyancing firm to help?
Absolutely. We can put you in touch with a Dollis Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Dollis Hill property is 12 Deacon Road in November 2012. the premium to be paid for the grant of the new lease was the sum of £31 ,635.00 (Thirty-One thousand and six hundred and thirty-five Pounds). The matter was then returned to the Willesden County Court for the completion of the grant of the new lease in substitution for the existing lease on payment into court the sum of £31,635.00 less the sum of £2,890.20 assessed costs incurred by the leaseholder. Thus the net sum of £28,744.80 was to be paid into court. This case related to 1 flat. The the unexpired residue of the current lease was 61.98 years.