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Wood Green leasehold conveyancing: Q and A’s

I would like to rent out my leasehold apartment in Wood Green. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for properties in Wood Green do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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.

Expecting to complete next month on a ground floor flat in Wood Green. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Wood Green 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 the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Defining your rights in relation to the communal areas in the block.For instance, does the lease contain a right of way over an accessway or hallways?
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For details of the information to be contained in your report on your leasehold property in Wood Green please ask your conveyancer in advance of your conveyancing in Wood Green

    • I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wood Green. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

    The majority of houses in Wood Green are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Wood Green in which case you should be shopping around for a Wood Green conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee 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 conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

    I am attracted to a couple of maisonettes in Wood Green which have in the region of forty five years unexpired on the lease term. Will this present a problem?

    A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area

    Last month I purchased a leasehold property in Wood Green. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Wood Green conveyancing firm to represent me?

    in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.

    An example of a Lease Extension decision for a Wood Green 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 term was 81.79 years.

    Other Topics

    Lease Extensions in Wood Green