Common questions relating to Islington leasehold conveyancing
I wish to sublet my leasehold flat in Islington. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Islington conveyancing solicitor is no longer available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you must obtain permission from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining consent. The consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
There are only Fifty years left on my lease in Islington. I am keen to extend my lease but my freeholder is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the landlord. For most situations an enquiry agent should be helpful to conduct investigations and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Islington.
I am hoping to complete next month on a ground floor flat in Islington. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Islington should include some of the following:
- You should be sent a copy of the lease
I am attracted to a couple of flats in Islington both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Islington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. 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 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 Islington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Do you have any top tips for leasehold conveyancing in Islington from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Islington can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Islington levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Islington.
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Islington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Islington property 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 related to 1 flat. The unexpired term was 80.5 years.
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