Experts for Leasehold Conveyancing in Islington

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Recently asked questions relating to Islington leasehold conveyancing

I am on look out for some leasehold conveyancing in Islington. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Islington - 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.

My wife and I purchased a leasehold house in Islington. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Islington who acted for me is not around.What should I do?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Islington conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Islington both have in the region of 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Islington is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than eighty 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 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 Islington 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 the agreed 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 a negotiator for a busy estate agent office in Islington where we have witnessed a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Islington conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate 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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Islington. Can we issue an application to the Residential Property Tribunal Service?

in cases where there is a missing landlord or where 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 calculate the amount due.

An example of a Lease Extension matter before the tribunal for a Islington residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The the unexpired term as at the valuation date was 80.5 years.

What are the frequently found defects that you see in leases for Islington properties?

There is nothing unique about leasehold conveyancing in Islington. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

  • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Other Topics

Lease Extensions in Islington