Recently asked questions relating to Tower Hill leasehold conveyancing
I am on look out for some leasehold conveyancing in Tower Hill. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Tower Hill - 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.
My wife and I may need to rent out our Tower Hill garden flat for a while due to a new job. We instructed a Tower Hill conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Tower Hill do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see 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 permission.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Tower Hill. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Tower Hill are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Tower Hill in which case you should be looking for a Tower Hill conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I am employed by a busy estate agency in Tower Hill where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Tower Hill conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
We have reached the end of our tether in trying to purchase the freehold in Tower Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Tower Hill conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Tower Hill flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.
What makes a Tower Hill lease unmortgageable?
There is nothing unique about leasehold conveyancing in Tower Hill. All leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
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