Fixed-fee leasehold conveyancing in North London:

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When it comes to leasehold conveyancing in North London, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Halifax, Yorkshire Building Society or Nationwide make sure you choose a lawyer on their panel. Find a North London conveyancing lawyer with our search tool

Recently asked questions relating to North London leasehold conveyancing

Estate agents have just been given the go-ahead to market my 2 bed flat in North London.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a two apartments in North London which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I work for a reputable estate agent office in North London where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local North London conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

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

  • Much of the delay in leasehold conveyancing in North London can be avoided where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
  • Many freeholders or managing agents in North London charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought 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 reason for frustration in leasehold conveyancing in North London.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? North London leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. If you fail to have the consents to hand you should not contact the landlord without checking with your conveyancer in advance.
  • A minority of North London leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a lengthy process and frustrates many a North London conveyancing transaction. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • I am the registered owner of a basement flat in North London. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?

    Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the amount due.

    An example of a Freehold Enfranchisement decision for a North London premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The unexpired lease term was 73.26 years.

    What makes a North London lease unmortgageable?

    There is nothing unique about leasehold conveyancing in North London. All leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. 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
    • 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. Nationwide Building Society, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in North London