Sample questions relating to North West London leasehold conveyancing
I am intending to sublet my leasehold flat in North West 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 West London conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the property. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in North West London. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in North West London are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in North West London in which case you should be shopping around for a North West London conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I own a leasehold house in North West London. Conveyancing and Britannia mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in North West London who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a North West London conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in North West London both have about fifty years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in North West London is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. 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 a residence 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 West 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 the agreed 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.
What are your top tips when it comes to finding a North West London conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a North West London conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non North West London conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions has the firm conducted in North West London in the last 12 months?
Leasehold Conveyancing in North West London - Examples of Queries Prior to buying
The prefered form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is larger than a house conversion, the managing agent is directed by the tenants.
How is the lease structured?
Who is in charge of the block?