Grahame Park leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Grahame Park. Before I set the wheels in motion 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 Grahame Park - 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 husband and I may need to let out our Grahame Park 1st floor flat temporarily due to taking a sabbatical. We instructed a Grahame Park conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Grahame Park conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek permission from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without prior consent. The consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Grahame Park. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Grahame Park ?
Most houses in Grahame Park are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Grahame Park in which case you should be shopping around for a Grahame Park conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I work for a long established estate agency in Grahame Park where we have witnessed a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Grahame Park conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to appointing a Grahame Park conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Grahame Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Grahame Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Grahame Park conveyancing firm to help?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Freehold Enfranchisement decision for a Grahame Park property is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case affected 2 flats. The unexpired term was 71.5 years.