Top Five Questions relating to Neasden leasehold conveyancing
I am in need of some leasehold conveyancing in Neasden. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all 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 am tempted by the attractive purchase price for a two apartments in Neasden both have in the region of forty five years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
I am employed by a reputable estate agent office in Neasden where we have experienced a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Neasden conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
Can you offer any advice when it comes to appointing a Neasden conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Neasden conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Neasden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
- If the firm is not ALEP accredited then why not?
We expect to complete our sale of a £ 200000 apartment in Neasden next Thursday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Neasden?
Neasden conveyancing on leasehold apartments typically necessitates administration charges raised by managing agents :
- Completing pre-exchange questions
- Where consent is required before sale in Neasden
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Neasden conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a Neasden conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Neasden flat is 12 & 12A Deacon Road in May 2010. the Tribunal concluded that the price to be paid for the freehold should be £38,287 This case related to 2 flats. The the unexpired term as at the valuation date was 65.58 years.
I invested in buying a 2 bed flat in Neasden, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Neasden with a long lease are worth £170,000. The ground rent is £65 yearly. The lease terminates on 21st October 2101
With 75 years left to run the likely cost is going to range between £12,400 and £14,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.