Recently asked questions relating to Northolt leasehold conveyancing
Helen (my wife) and I may need to rent out our Northolt garden flat for a while due to a new job. We instructed a Northolt conveyancing practice in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Northolt conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I am tempted by the attractive purchase price for a two maisonettes in Northolt which have approximately fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Northolt is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. 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 Northolt 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 any new 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.
What advice can you give us when it comes to appointing a Northolt conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Northolt conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Northolt conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Northolt with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Northolt can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Northolt charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Northolt.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Northolt conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Northolt conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Northolt residence is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case was in relation to 1 flat. The unexpired lease term was 79 years.
In relation to leasehold conveyancing in Northolt what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Northolt. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.