Guaranteed fixed fees for Leasehold Conveyancing in Highgate

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Frequently asked questions relating to Highgate leasehold conveyancing

I am on look out for some leasehold conveyancing in Highgate. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Highgate - 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 work for a long established estate agency in Highgate where we have witnessed a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Highgate conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities 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 has to be done before, or at the same time as completion of the sale.

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 purchaser.

What are your top tips when it comes to finding a Highgate conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Highgate conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Highgate conveyancing practices prior to 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 practice with lease extension legislation?
  • What are the costs for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Highgate from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Highgate can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Highgate state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the approvals in place you should not contact the landlord without contacting your lawyer first.
  • Some Highgate leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a time consuming process and frustrates many a Highgate home move. Where a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a ground-floor 1960’s flat in Highgate. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

    Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the price payable.

    An example of a Lease Extension decision for a Highgate flat is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case related to 1 flat. The unexpired lease term was 67.85 years.

    What are the frequently found deficiencies that you witness in leases for Highgate properties?

    There is nothing unique about leasehold conveyancing in Highgate. All leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • 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

    You will 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. Yorkshire Building Society, Coventry Building Society, and Bank of Ireland 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 purchaser to withdraw.

    Other Topics

    Lease Extensions in Highgate