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Questions and Answers: The Ridgeway leasehold conveyancing

My wife and I may need to let out our The Ridgeway basement flat temporarily due to a career opportunity. We used a The Ridgeway conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Your lease governs the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in The Ridgeway do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

Planning to complete next month on a leasehold property in The Ridgeway. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in The Ridgeway should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You should be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in The Ridgeway please enquire of your conveyancer in advance of your conveyancing in The Ridgeway

    • I am looking at a two apartments in The Ridgeway which have approximately fifty years remaining on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold flat in The Ridgeway is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with less than eighty 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 premises 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 premises 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 The Ridgeway conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

    Can you provide any top tips for leasehold conveyancing in The Ridgeway from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in The Ridgeway can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • Many freeholders or managing agents in The Ridgeway levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in The Ridgeway.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? The Ridgeway leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you fail to have the consents in place you should not contact the landlord without contacting your lawyer in the first instance.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy formality and slows down many a The Ridgeway conveyancing deal. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a The Ridgeway conveyancing firm to act on my behalf?

    You certainly can. We can put you in touch with a The Ridgeway conveyancing firm who can help.

    An example of a Lease Extension case for a The Ridgeway premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The the number of years remaining on the existing lease(s) was 76 years.

    Are there frequently found defects that you encounter in leases for The Ridgeway properties?

    Leasehold conveyancing in The Ridgeway is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • 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

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Barnsley Building Society, and TSB 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, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in The Ridgeway