Frequently asked questions relating to Shacklewell leasehold conveyancing
I want to let out my leasehold apartment in Shacklewell. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Shacklewell do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Shacklewell. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Shacklewell are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Shacklewell in which case you should be looking for a Shacklewell conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Shacklewell which have approximately 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Shacklewell is a deteriorating 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 lenders, leases with under 75 years become less and less attractive. On a more positive 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 Shacklewell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
Last month I purchased a leasehold flat in Shacklewell. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Shacklewell from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Shacklewell can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Shacklewell leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you dont have the paperwork to hand do not contact the landlord without checking with your lawyer first.
I have given up trying to reach an agreement for a lease extension in Shacklewell. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Shacklewell conveyancing firm who can help.
An example of a Lease Extension case for a Shacklewell premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The unexpired lease term was 80.5 years.