Top Five Questions relating to Friern Barnet leasehold conveyancing
I am in need of some leasehold conveyancing in Friern Barnet. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Friern Barnet - 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.
My fiance and I may need to let out our Friern Barnet ground floor flat for a while due to a career opportunity. We instructed a Friern Barnet conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Friern Barnet do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Looking forward to sign contracts shortly on a basement flat in Friern Barnet. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Friern Barnet should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am attracted to a couple of maisonettes in Friern Barnet which have approximately forty five years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Friern Barnet is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Friern Barnet conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What advice can you give us when it comes to appointing a Friern Barnet conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Friern Barnet conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Friern Barnet conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
I am the proprietor of a two-bedroom flat in Friern Barnet. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the amount due.
An example of a Lease Extension matter before the tribunal for a Friern Barnet premises is 34 Poplar Grove in June 2013. The Tribunal directed that the premium for the lease extension should be in the sum of £10,250. This case related to 1 flat.
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