Totteridge leasehold conveyancing Example Support Desk Enquiries
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Totteridge. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Totteridge ?
The majority of houses in Totteridge are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Totteridge in which case you should be shopping around for a Totteridge conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I am looking at a couple of maisonettes in Totteridge both have about fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Totteridge is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, 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 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 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 Totteridge 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 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 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.
I am a negotiator for a long established estate agent office in Totteridge where we see a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Totteridge conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 sit tight for 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.
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 purchaser.
Can you provide any advice for leasehold conveyancing in Totteridge with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Totteridge can be reduced where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many landlords or managing agents in Totteridge charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Totteridge.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 maisonette in Totteridge next week. The managing agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Totteridge?
Totteridge conveyancing on leasehold apartments often requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Totteridge conveyancing firm to assist?
Most definitely. We can put you in touch with a Totteridge conveyancing firm who can help.
An example of a Lease Extension case for a Totteridge premises is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The the number of years remaining on the existing lease(s) was 76 years.