Examples of recent questions relating to leasehold conveyancing in North Harrow
I am on look out for some leasehold conveyancing in North Harrow. 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 most are in North Harrow - 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.
Planning to sign contracts shortly on a leasehold property in North Harrow. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in North Harrow should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am attracted to a two flats in North Harrow both have in the region of fifty years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in North Harrow is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and banks, leases with under 75 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 property 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 North Harrow 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.
I work for a long established estate agent office in North Harrow where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local North Harrow conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. 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.
Alternatively, it may be possible 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.
Do you have any top tips for leasehold conveyancing in North Harrow with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in North Harrow can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority landlords or Management Companies in North Harrow levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in North Harrow.
I inherited a basement flat in North Harrow. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension case for a North Harrow premises is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case related to 1 flat. The the unexpired residue of the current lease was 75.25 years.