Fixed-fee leasehold conveyancing in Edgware:

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Top Five Questions relating to Edgware leasehold conveyancing

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Edgware. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Edgware are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Edgware in which case you should be looking for a Edgware conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold house in Edgware. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Edgware who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Edgware conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a reputable estate agency in Edgware where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Edgware conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

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 before, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Do you have any top tips for leasehold conveyancing in Edgware with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Edgware can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Edgware levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding 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 Edgware.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Edgware state that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the consents in place do not contact the landlord without checking with your conveyancer in the first instance.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a time consuming formality and frustrates many a Edgware home move. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Edgware conveyancing firm to help?

    Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to calculate the sum to be paid.

    An example of a Lease Extension case for a Edgware premises 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 71.73 years.

    In relation to leasehold conveyancing in Edgware what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Edgware. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. 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

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Edgware