Guaranteed fixed fees for Leasehold Conveyancing in Hadley Wood

Leasehold conveyancing in Hadley Wood is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Hadley Wood and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Hadley Wood leasehold conveyancing: Q and A’s

Jane (my partner) and I may need to sub-let our Hadley Wood basement flat temporarily due to a career opportunity. We used a Hadley Wood conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

The lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Hadley Wood do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am tempted by the attractive purchase price for a two flats in Hadley Wood which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Hadley Wood. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

I am a negotiator for a busy estate agency in Hadley Wood where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Hadley Wood conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease 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 proposed purchaser need not have 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 simultaneously with completion of the disposal of the property.

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 provide any top tips for leasehold conveyancing in Hadley Wood with the intention of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Hadley Wood can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
  • The majority freeholders or Management Companies in Hadley Wood charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hadley Wood.
  • 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 Hadley Wood state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such changes. Where you fail to have the paperwork in place do not contact the landlord without contacting your lawyer in advance.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • I have had difficulty in trying to purchase the freehold in Hadley Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the sum to be paid.

    An example of a Lease Extension case for a Hadley Wood residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired lease term was 76 years.

    When it comes to leasehold conveyancing in Hadley Wood what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Hadley Wood. All leases are individual and drafting errors can sometimes mean that certain clauses 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 building
    • A duty to insure the building
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Hadley Wood