Top Five Questions relating to New Barnet leasehold conveyancing
I am in need of some leasehold conveyancing in New Barnet. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in New Barnet - then the leasehold title will always include the basic details 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 want to sublet my leasehold apartment in New Barnet. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last New Barnet conveyancing solicitor is not available you can review your lease to see if it allows you to sublet the property. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or some other party before subletting. The net result is that you cannot sublet without first obtaining permission. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I have recently realised that I have Sixty One years left on my flat in New Barnet. I now want to get lease extension but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. In some cases a specialist should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing New Barnet.
I have just started marketing my garden flat in New Barnet.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two flats in New Barnet both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in New Barnet. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I am the registered owner of a basement flat in New Barnet. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
if there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension matter before the tribunal for a New Barnet residence 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 the unexpired residue of the current lease was 76 years.