Top Five Questions relating to Neasden leasehold conveyancing
I am on look out for some leasehold conveyancing in Neasden. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Neasden - 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 would like to sublet my leasehold flat in Neasden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last Neasden conveyancing solicitor is not available you can check your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am looking at a couple of flats in Neasden both have approximately fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Neasden is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 premises 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 Neasden 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.
Last month I purchased a leasehold flat in Neasden. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225000 apartment in Neasden next Friday . The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Neasden?
Neasden conveyancing on leasehold maisonettes often requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.
My wife and I have hit a brick wall in trying to purchase the freehold in Neasden. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Neasden conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Neasden residence is 12 Deacon Road in November 2012. the premium to be paid for the grant of the new lease was the sum of £31 ,635.00 (Thirty-One thousand and six hundred and thirty-five Pounds). The matter was then returned to the Willesden County Court for the completion of the grant of the new lease in substitution for the existing lease on payment into court the sum of £31,635.00 less the sum of £2,890.20 assessed costs incurred by the leaseholder. Thus the net sum of £28,744.80 was to be paid into court. This case affected 1 flat. The unexpired lease term was 61.98 years.