I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Gunnersbury. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Gunnersbury 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 Gunnersbury so you should seriously consider shopping around for a Gunnersbury conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a two apartments in Gunnersbury both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Gunnersbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under eighty 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 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 Gunnersbury 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

I am employed by a reputable estate agent office in Gunnersbury where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Gunnersbury conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?

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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

Can you offer any advice when it comes to finding a Gunnersbury conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Gunnersbury conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Gunnersbury conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How familiar 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 apply to the Leasehold Valuation Tribunal? Can you recommend a Gunnersbury conveyancing firm to assist?

Most certainly. We can put you in touch with a Gunnersbury conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Gunnersbury residence is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case related to 2 flats. The the number of years remaining on the existing lease(s) was 64.64 years.

What makes a Gunnersbury lease defective?

There is nothing unique about leasehold conveyancing in Gunnersbury. Most leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• 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 difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Aldermore all have express 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 grant the mortgage, forcing the buyer to withdraw.

Other Topics

Lease Extensions in Gunnersbury