Leasehold Conveyancing in Wembley - Get a Quote from the leasehold experts approved by your lender

Whether you are buying or selling leasehold flat in Wembley, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Wembley conveyancing lawyer with our search tool

Wembley leasehold conveyancing: Q and A’s

Frank (my husband) and I may need to rent out our Wembley 1st floor flat temporarily due to taking a sabbatical. We instructed a Wembley conveyancing practice in 2002 but they have since shut 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?

The lease dictates the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Wembley do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Wembley. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wembley ?

Most houses in Wembley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Wembley so you should seriously consider looking for a Wembley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Wembley which have in the region of fifty years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Wembley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 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 Wembley 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Completion in due on our sale of a £225000 apartment in Wembley on Monday in a week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Wembley?

Wembley conveyancing on leasehold maisonettes typically results in administration charges levied by management companies :

  • Addressing pre-exchange questions
  • Where consent is required before sale in Wembley
  • Supplying insurance information
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Wembley leasehold property is £350. For Wembley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

My wife and I have hit a brick wall in negotiating a lease extension in Wembley. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We are happy to put you in touch with a Wembley conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Wembley property is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The remaining number of years on the lease was 74 years.

When it comes to leasehold conveyancing in Wembley what are the most frequent lease defects?

Leasehold conveyancing in Wembley is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. 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.
  • Maintenance charge proportions which don’t add up to the correct percentage

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

Other Topics

Lease Extensions in Wembley