Common questions relating to Woodside Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Woodside Park. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Woodside Park - 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.
I would like to rent out my leasehold apartment in Woodside Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Woodside Park do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am looking at a couple of flats in Woodside Park both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Woodside Park. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
I work for a reputable estate agent office in Woodside Park where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Woodside Park conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 has to be done before, or simultaneously with completion of the sale.
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.
What are your top tips when it comes to choosing a Woodside Park conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Woodside Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Woodside Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- Can they put you in touch with client in Woodside Park who can give a testimonial?
We have reached the end of our tether in trying to purchase the freehold in Woodside Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Woodside Park conveyancing firm who can help.
An example of a Lease Extension case for a Woodside Park residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 76 years.