Recently asked questions relating to New Barnet leasehold conveyancing
I am in need of some leasehold conveyancing in New Barnet. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in New Barnet - 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.
Helen (my wife) and I may need to let out our New Barnet garden flat for a while due to taking a sabbatical. We used a New Barnet conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in New Barnet do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 a negotiator for a busy estate agency in New Barnet where we see a few flat sales derailed due to short leases. I have received contradictory information from local New Barnet conveyancing solicitors. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner 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. The benefit of this is that the buyer 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 before, 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 buyer.
Do you have any advice for leasehold conveyancing in New Barnet from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in New Barnet can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or managing agents in New Barnet levy fees for providing management packs for a leasehold premises. 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 accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in New Barnet.
My wife and I have hit a brick wall in trying to purchase the freehold in New Barnet. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Lease Extension case for a New Barnet premises is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The remaining number of years on the lease was 76 years.
Are there frequently found problems that you see in leases for New Barnet properties?
There is nothing unique about leasehold conveyancing in New Barnet. Most leases are unique and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Coventry Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.