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Examples of recent questions relating to leasehold conveyancing in Islington

Having had my offer accepted I require leasehold conveyancing in Islington. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Islington - 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 wish to let out my leasehold apartment in Islington. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Some leases for properties in Islington do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Islington. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Islington are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Islington so you should seriously consider shopping around for a Islington conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am a negotiator for a long established estate agency in Islington where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Islington conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

As long as the seller has owned the lease 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

Do you have any advice for leasehold conveyancing in Islington from the perspective of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Islington can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • Many landlords or Management Companies in Islington levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Islington.
  • A minority of Islington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Islington. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most definitely. We are happy to put you in touch with a Islington conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Islington flat 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 was in relation to 1 flat. The unexpired lease term was 80.5 years.

    Other Topics

    Lease Extensions in Islington