Questions and Answers: Friern Barnet leasehold conveyancing
I am intending to rent out my leasehold apartment in Friern Barnet. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Even though your previous Friern Barnet conveyancing lawyer is no longer around you can check your lease to see if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent must not not be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Friern Barnet. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Friern Barnet ?
The majority of houses in Friern Barnet are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Friern Barnet so you should seriously consider looking for a Friern Barnet conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I am looking at a two maisonettes in Friern Barnet which have approximately 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Friern Barnet is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers 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 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 a residence 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 Friern Barnet 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Do you have any advice for leasehold conveyancing in Friern Barnet with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Friern Barnet can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- Many landlords or Management Companies in Friern Barnet levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. 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 usual cause of frustration in leasehold conveyancing in Friern Barnet.
Completion in due on our sale of a £475000 apartment in Friern Barnet next week. The freeholder has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Friern Barnet?
Friern Barnet conveyancing on leasehold apartments usually requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a ground floor flat in Friern Barnet. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Most certainly. We can put you in touch with a Friern Barnet conveyancing firm who can help.
An example of a Lease Extension decision for a Friern Barnet property is 90 & 96 Poplar Grove in June 2013. It was held by the Tribunal that the premium to be paid for the new lease in respect of each of the flats referred should be £17,942 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 68 years.