New Southgate leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in New Southgate. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in New Southgate - 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.
Frank (my husband) and I may need to let out our New Southgate basement flat for a while due to a new job. We used a New Southgate conveyancing firm in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous New Southgate conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Expecting to exchange soon on a leasehold property in New Southgate. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in New Southgate should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a two flats in New Southgate which have in the region of fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in New Southgate is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 premises 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 New Southgate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in New Southgate. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the price.
An example of a Freehold Enfranchisement decision for a New Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The remaining number of years on the lease was 70.31 years.
What makes a New Southgate lease unmortgageable?
Leasehold conveyancing in New Southgate is not unique. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.