Common questions relating to Primrose Hill leasehold conveyancing
I am in need of some leasehold conveyancing in Primrose Hill. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Primrose Hill - 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.
Harry (my fiance) and I may need to rent out our Primrose Hill garden flat for a while due to a new job. We instructed a Primrose Hill conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Even though your last Primrose Hill conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must seek consent via your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I am a negotiator for a busy estate agent office in Primrose Hill where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Primrose Hill conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that 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 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 simultaneously with 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 buyer.
What advice can you give us when it comes to choosing a Primrose Hill conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Primrose Hill conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Primrose Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Primrose Hill. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Primrose Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Primrose Hill property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 64.77 years.
What makes a Primrose Hill lease defective?
Leasehold conveyancing in Primrose Hill is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- 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
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.