Fixed-fee leasehold conveyancing in Tufnell Park:

Looking for a solicitor for leasehold conveyancing in Tufnell Park on your lender’s panel? Make use of our search tool to find leading local Tufnell Park conveyancing practitioners or national solicitors on your lender’s panel .

Questions and Answers: Tufnell Park leasehold conveyancing

Jane (my partner) and I may need to rent out our Tufnell Park basement flat for a while due to a career opportunity. We used a Tufnell Park conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

A lease governs the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Tufnell Park do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Tufnell Park. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Tufnell Park ?

Most houses in Tufnell Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tufnell Park in which case you should be shopping around for a Tufnell Park conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a two maisonettes in Tufnell Park which have approximately 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Tufnell Park is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. 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 Tufnell Park 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 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.

Do you have any advice for leasehold conveyancing in Tufnell Park with the aim of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Tufnell Park can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • Many freeholders or managing agents in Tufnell Park levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Tufnell Park.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Tufnell Park state that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such changes. Should you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor in the first instance.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • All being well we will complete the sale of our £175000 garden flat in Tufnell Park on Monday in a week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Tufnell Park?

    Tufnell Park conveyancing on leasehold apartments usually necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    We have reached the end of our tether in trying to reach an agreement for a lease extension in Tufnell Park. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most definitely. We can put you in touch with a Tufnell Park conveyancing firm who can help.

    An example of a Lease Extension case for a Tufnell Park residence is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term was 64.77 years.

    Other Topics

    Lease Extensions in Tufnell Park