Sample questions relating to Beacontree Heath leasehold conveyancing
I would like to rent out my leasehold apartment in Beacontree Heath. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A small minority of properties in Beacontree Heath do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Beacontree Heath. I need to extend my lease but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to track down the lessor. For most situations an enquiry agent should be useful to carry out a search and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Beacontree Heath.
I am looking at a couple of apartments in Beacontree Heath which have about 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Beacontree Heath is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 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 property 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 Beacontree Heath 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.
What are your top tips when it comes to choosing a Beacontree Heath conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Beacontree Heath conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Beacontree Heath conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Beacontree Heath with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Beacontree Heath can be bypassed if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- Many freeholders or managing agents in Beacontree Heath charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Beacontree Heath.
I am the registered owner of a first flat in Beacontree Heath. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Lease Extension decision for a Beacontree Heath flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 61.36 years.