Experts for Leasehold Conveyancing in Hornsey

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Hornsey, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Hornsey leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Hornsey. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Hornsey - 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 am attracted to a couple of maisonettes in Hornsey both have about forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Hornsey is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers 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 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 Hornsey 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 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.

What advice can you give us when it comes to appointing a Hornsey conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Hornsey conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Hornsey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How many lease extensions has the firm completed in Hornsey in the last year?
  • Can they put you in touch with client in Hornsey who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Hornsey from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Hornsey can be reduced where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • The majority freeholders or managing agents in Hornsey charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Hornsey.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Hornsey leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you fail to have the consents to hand you should not contact the landlord without contacting your solicitor in advance.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming process and delays many a Hornsey home move. Where a reissued share is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
  • 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 purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I have tried to negotiate informally with with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Hornsey conveyancing firm to assist?

    Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the premium.

    An example of a Freehold Enfranchisement matter before the tribunal for a Hornsey property is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case related to 3 flats. The unexpired term was 73.27 years.

    What makes a Hornsey lease defective?

    There is nothing unique about leasehold conveyancing in Hornsey. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Coventry Building Society, and TSB all have express conveyancing instructions 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 purchaser to pull out.

    Other Topics

    Lease Extensions in Hornsey