Expecting to exchange soon on a leasehold property in Willesden. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Willesden should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• The physical extent of the property. This will be the flat itself but might incorporate a roof space or cellar if appropriate.
• Defining your rights in respect of the communal areas in the building.E.G., does the lease provide for a right of way over an accessway or staircase?
• Are pets allowed in the flat?
• Whether your lease has a provision for a sinking fund?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

I am tempted by the attractive purchase price for a couple of flats in Willesden both have in the region of 50 years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

I am a negotiator for a busy estate agent office in Willesden where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Willesden conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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.

What are your top tips when it comes to finding a Willesden conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Willesden conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Willesden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• Can they put you in touch with client in Willesden who can give a testimonial?
• What are the charges for lease extension work?

Do you have any advice for leasehold conveyancing in Willesden with the purpose of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Willesden can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Willesden state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor in advance.
• Some Willesden leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a new share certificate can be a time consuming formality and slows down many a Willesden home move. Where a new share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Willesden conveyancing firm to represent me?

Most certainly. We are happy to put you in touch with a Willesden conveyancing firm who can help.

An example of a lease Extension matter before the tribunal for a Willesden property is First Floor Flat 47 Huddlestone Road in December 2010. the Tribunal a valuation of £13,000 for a lease extension having been asked to consider the premium following a vesting order being granted by Willesden County Court On 14th September 2009 This case affected 1 flat. The unexpired lease term was 71.87 years.

Willesden Leasehold Conveyancing - Sample of Queries before Purchasing

How much is the yearly service fee and ground rent?