Top Five Questions relating to North Harrow leasehold conveyancing
I am intending to sublet my leasehold apartment in North Harrow. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous North Harrow conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
Expecting to exchange soon on a garden flat in North Harrow. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in North Harrow should include some of the following:
- You should receive a copy of the lease
I work for a busy estate agency in North Harrow where we have experienced a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local North Harrow conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 purchaser.
Can you offer any advice when it comes to finding a North Harrow conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a North Harrow conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non North Harrow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions has the firm completed in North Harrow in the last twenty four months?
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a North Harrow conveyancing firm to assist?
in cases 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 make a decision on the premium.
An example of a Lease Extension case for a North Harrow flat 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 term as at the valuation date was 75.25 years.
What makes a North Harrow lease unmortgageable?
There is nothing unique about leasehold conveyancing in North Harrow. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.