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Acton leasehold conveyancing: Q and A’s

My wife and I may need to rent out our Acton ground floor flat temporarily due to taking a sabbatical. We used a Acton conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your previous Acton conveyancing lawyer is not available you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or some other party before subletting. This means that you cannot sublet in the absence of prior consent. The consent should not be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord for their consent.

Expecting to sign contracts shortly on a leasehold property in Acton. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

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

  • Defining your legal entitlements in respect of the communal areas in the building.E.G., does the lease grant a right of way over an accessway or staircase?
  • Whether the lease restricts you from renting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be included in your report on your leasehold property in Acton please enquire of your conveyancer in advance of your conveyancing in Acton

    • I am employed by a busy estate agency in Acton where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Acton conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 purchaser.

    Do you have any advice for leasehold conveyancing in Acton from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Acton can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
    • Some Acton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Acton conveyancing transaction. If a duplicate share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Acton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most definitely. We are happy to put you in touch with a Acton conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Acton flat is 4 Woodhurst Road in July 2013. The Tribunals valuation for the premium to be paid in respect of the collective enfranchisement was £51,050. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 63.75 years.

    In relation to leasehold conveyancing in Acton what are the most common lease defects?

    Leasehold conveyancing in Acton is not unique. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • 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

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Acton