Having had my offer accepted I require leasehold conveyancing in Seven Sisters. Before diving in I want to be sure as to the unexpired term of the lease.

If 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 am intending to sublet my leasehold apartment in Seven Sisters. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

The lease dictates the relationship between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Seven Sisters do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

There are only 62 years unexpired on my lease in Seven Sisters. I now wish to get lease extension but my freeholder is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. In some cases a specialist may be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the application to the County Court covering Seven Sisters.

I am looking at a two maisonettes in Seven Sisters which have about forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Seven Sisters is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than 75 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 Seven Sisters 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.

Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Seven Sisters. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

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

An example of a Freehold Enfranchisement matter before the tribunal 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 the number of years remaining on the existing lease(s) was 74.13 years.

In relation to leasehold conveyancing in Seven Sisters what are the most common lease problems?

Leasehold conveyancing in Seven Sisters is not unique. All leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• 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.
• 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. Yorkshire Building Society, Bank of Scotland, and Aldermore 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 does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

Other Topics

Lease Extensions in Seven Sisters