Common questions relating to Edgware leasehold conveyancing
Frank (my husband) and I may need to sub-let our Edgware 1st floor flat for a while due to a career opportunity. We used a Edgware conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Edgware conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I own a leasehold flat in Edgware. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Edgware who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Edgware conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Edgware which have approximately fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Edgware. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Edgware from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Edgware can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
- A minority of Edgware leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Edgware. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Edgware conveyancing firm who can help.
An example of a Lease Extension decision for a Edgware flat is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired lease term was 71.73 years.
Are there frequently found deficiencies that you encounter in leases for Edgware properties?
Leasehold conveyancing in Edgware is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
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