Recently asked questions relating to Hornsey leasehold conveyancing
I am in need of some leasehold conveyancing in Hornsey. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Hornsey - then the leasehold title will always include the short particulars 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 let out my leasehold apartment in Hornsey. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Hornsey conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord for their consent.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Hornsey. I am keen to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. For most situations an enquiry agent would be useful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Hornsey.
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Hornsey. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Hornsey ?
Most houses in Hornsey are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Hornsey in which case you should be looking for a Hornsey conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am attracted to a couple of flats in Hornsey both have about fifty years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Hornsey is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. 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 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 a residence 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 Hornsey 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.
I am the registered owner of a two-bedroom flat in Hornsey. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Most definitely. We are happy to put you in touch with a Hornsey conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Hornsey property is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case affected 3 flats. The the number of years remaining on the existing lease(s) was 73.27 years.