Questions and Answers: North Sheen leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in North Sheen. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and almost all are in North Sheen - 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.
Planning to exchange soon on a leasehold property in North Sheen. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in North Sheen 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 employed by a long established estate agency in North Sheen where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local North Sheen conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is 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 buyer.
What advice can you give us when it comes to finding a North Sheen conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a North Sheen conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non North Sheen conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a North Sheen conveyancing firm to represent me?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension decision for a North Sheen premises is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 68.34 years.
What makes a North Sheen lease problematic?
There is nothing unique about leasehold conveyancing in North Sheen. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations 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.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Barclays , Norwich and Peterborough Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.