Leasehold Conveyancing in Hadley Wood - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Hadley Wood, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Hadley Wood

Having had my offer accepted I require leasehold conveyancing in Hadley Wood. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Hadley Wood - 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.

I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Hadley Wood. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Hadley Wood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Hadley Wood in which case you should be looking for a Hadley Wood conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority 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 will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.

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

There is no doubt about it. A leasehold flat in Hadley Wood is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 Hadley Wood 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.

Last month I purchased a leasehold flat in Hadley Wood. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Hadley Wood from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Hadley Wood can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Hadley Wood leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the consents in place you should not contact the landlord without contacting your solicitor first.
  • Some Hadley Wood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you consider 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?

    in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.

    An example of a Lease Extension decision for a Hadley Wood premises 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 the unexpired term as at the valuation date was 76 years.

    Other Topics

    Lease Extensions in Hadley Wood