Harefield leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Harefield. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Harefield - 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 am intending to rent out my leasehold flat in Harefield. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Harefield conveyancing lawyer is no longer around you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain consent from your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am looking at a two flats in Harefield both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Harefield is a deteriorating asset as a result of the shortening lease. 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 75 years become less and less marketable. 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 property 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 Harefield 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 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 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.
Completion in due on the sale of our £475000 maisonette in Harefield next Monday . The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Harefield?
Harefield conveyancing on leasehold apartments typically necessitates fees being raised by management companies :
- Completing pre-exchange enquiries
- Where consent is required before sale in Harefield
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Harefield conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Harefield conveyancing firm who can help.
An example of a Lease Extension decision for a Harefield premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The the number of years remaining on the existing lease(s) was 71 years.
What makes a Harefield lease unmortgageable?
There is nothing unique about leasehold conveyancing in Harefield. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- 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 may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Nottingham Building Society 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 defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
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