Leasehold Conveyancing in Winchmore Hill - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Winchmore Hill leasehold conveyancing

I only have Seventy years remaining on my flat in Winchmore Hill. I am keen to extend my lease but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent should be useful to carry out a search and prepare an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Winchmore Hill.

I am attracted to a two flats in Winchmore Hill which have about forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Winchmore Hill. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

Can you offer any advice when it comes to appointing a Winchmore Hill conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Winchmore Hill conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Winchmore Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Winchmore Hill from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Winchmore Hill can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
    • Many landlords or managing agents in Winchmore Hill 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 information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Winchmore Hill.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Winchmore Hill state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you dont have the approvals in place you should not contact the landlord without checking with your solicitor in advance.
  • A minority of Winchmore Hill leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 purchasers or their solicitors.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Winchmore Hill conveyancing firm to help?

    Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the amount due.

    An example of a Lease Extension decision for a Winchmore Hill flat 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.

    What makes a Winchmore Hill lease unmortgageable?

    Leasehold conveyancing in Winchmore Hill is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.