Examples of recent questions relating to leasehold conveyancing in Neasden
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Neasden. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Neasden ?
The majority of houses in Neasden are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Neasden so you should seriously consider shopping around for a Neasden conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am a negotiator for a busy estate agent office in Neasden where we see a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Neasden conveyancing solicitors. Please can you clarify whether the owner 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
Can you offer any advice when it comes to finding a Neasden conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Neasden conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Neasden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Neasden from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Neasden can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Neasden charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Neasden.
I inherited a second floor flat in Neasden. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension decision for a Neasden flat 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 61.98 years.
What makes a Neasden lease problematic?
There is nothing unique about leasehold conveyancing in Neasden. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.