I am on look out for some leasehold conveyancing in Seven Kings. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Seven Kings - 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.

I am intending to let out my leasehold flat in Seven Kings. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Seven Kings do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I am tempted by the attractive purchase price for a couple of flats in Seven Kings which have about 50 years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Seven Kings is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with less than eighty 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 property 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 Seven Kings 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Completion in due on the sale of our £475000 apartment in Seven Kings next Thursday . The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Seven Kings?

Seven Kings conveyancing on leasehold flats often requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to sell the property.

I inherited a second floor flat in Seven Kings. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?

Most definitely. We are happy to put you in touch with a Seven Kings conveyancing firm who can help.

An example of a Lease Extension decision for a Seven Kings flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired term was 61.36 years.

What makes a Seven Kings lease defective?

There is nothing unique about leasehold conveyancing in Seven Kings. All leases is drafted differently and drafting errors can result in 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 parts of the building
• Insurance obligations
• 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and TSB all have express 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, obliging the purchaser to pull out.

Other Topics

Lease Extensions in Seven Kings