Seven Sisters leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Seven Sisters. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Seven Sisters - 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.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Seven Sisters. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Seven Sisters ?
The majority of houses in Seven Sisters are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Seven Sisters in which case you should be shopping around for a Seven Sisters conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.
I am attracted to a couple of flats in Seven Sisters both have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agent office in Seven Sisters where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Seven Sisters conveyancing firms. Could you shed some light as to whether the vendor of a flat can start 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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 purchaser.
What advice can you give us when it comes to choosing a Seven Sisters conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Seven Sisters conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Seven Sisters conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
I am the leaseholder of a garden flat in Seven Sisters. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to determine the premium.
An example of a Freehold Enfranchisement decision for a Seven Sisters property is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired term was 74.13 years.