Recently asked questions relating to Turnpike Lane leasehold conveyancing
I want to sublet my leasehold flat in Turnpike Lane. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Turnpike Lane do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I only have Seventy years unexpired on my lease in Turnpike Lane. I now want to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent may be useful to carry out a search and prepare an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Turnpike Lane.
I am tempted by the attractive purchase price for a couple of flats in Turnpike Lane both have approximately fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Turnpike Lane. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I am employed by a long established estate agency in Turnpike Lane where we see a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Turnpike Lane conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 buyer 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 prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Turnpike Lane can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Turnpike Lane leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you fail to have the paperwork in place do not contact the landlord without contacting your solicitor first.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Turnpike Lane. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Turnpike Lane conveyancing firm who can help.
An example of a Lease Extension decision for a Turnpike Lane residence 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 affected 1 flat. The unexpired lease term was 81.79 years.