Frequently asked questions relating to Turnpike Lane leasehold conveyancing
I am in need of some leasehold conveyancing in Turnpike Lane. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Turnpike Lane - 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.
Jane (my partner) and I may need to sub-let our Turnpike Lane ground floor flat temporarily due to a new job. We instructed a Turnpike Lane conveyancing practice in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Turnpike Lane do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates 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 employed by a reputable estate agent office in Turnpike Lane where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Turnpike Lane conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 buyer.
Do you have any top tips for leasehold conveyancing in Turnpike Lane from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Turnpike Lane can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or Management Companies in Turnpike Lane charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Turnpike Lane.
Completion in due on the sale of our £350000 flat in Turnpike Lane next Tuesday . The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Turnpike Lane?
Turnpike Lane conveyancing on leasehold maisonettes usually results in fees being levied by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Turnpike Lane
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to purchase the freehold in Turnpike Lane. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Lease Extension decision for a Turnpike Lane property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The remaining number of years on the lease was 81.79 years.