Common questions relating to North East London leasehold conveyancing
I would like to let out my leasehold apartment in North East London. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous North East London conveyancing lawyer is no longer around you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you need to obtain consent from your landlord or some other party in advance of subletting. This means that you cannot sublet without prior consent. Such consent should not be unreasonably turned down. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
Due to exchange soon on a ground floor flat in North East London. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in North East London should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in North East London. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in North East London are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in North East London so you should seriously consider looking for a North East London conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in North East London which have in the region of forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in North East London is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North East London conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to choosing a North East London conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a North East London conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non North East London conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Leasehold Conveyancing in North East London - Examples of Questions you should consider Prior to buying
The prefered form of lease structure is a share of the freehold. In this scenario the lessees benefit from being in charge if their destiny and although a managing agent is usually employed if the building is bigger than a house conversion, the managing agent employed by the leaseholders.
This information is important as a) areas could cause problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure
You will want to discover as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with them. Finally, be sure you understand the dates that the maintenance charges are due to the appropriate party and specifically what you get for your money.