Fixed-fee leasehold conveyancing in New Southgate:

While any conveyancing practice can theoretically deal with your leasehold conveyancing in New Southgate, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to New Southgate leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in New Southgate. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in New Southgate - 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.

There are only Seventy years left on my flat in New Southgate. I now want to get lease extension but my freeholder is missing. What are my options?

If 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent would be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing New Southgate.

My wife and I purchased a leasehold flat in New Southgate. Conveyancing and Birmingham Midshires mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in New Southgate who previously acted has now retired.Any advice?

The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a New Southgate conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in New Southgate both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in New Southgate is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with less than 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Do you have any top tips for leasehold conveyancing in New Southgate from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in New Southgate can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? New Southgate leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such works. Should you dont have the approvals in place do not contact the landlord without checking with your lawyer in advance.
  • Some New Southgate leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Arranging a duplicate share certificate is often a time consuming process and slows down many a New Southgate conveyancing transaction. Where a reissued share certificate is needed, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • We have reached the end of our tether in negotiating a lease extension in New Southgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.

    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 unexpired lease term was 70.31 years.

    Other Topics

    Lease Extensions in New Southgate