Top Five Questions relating to Kemp Town leasehold conveyancing
Helen (my wife) and I may need to let out our Kemp Town garden flat temporarily due to taking a sabbatical. We instructed a Kemp Town conveyancing firm in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Kemp Town do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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.
I am hoping to exchange soon on a ground floor flat in Kemp Town. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kemp Town should include some of the following:
- Whether the lease restricts you from renting out the flat, or working from home
Back In 2002, I bought a leasehold house in Kemp Town. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Kemp Town who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Kemp Town conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Kemp Town which have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Kemp Town. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
I am a negotiator for a long established estate agent office in Kemp Town where we have experienced a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Kemp Town conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
I invested in buying a 1st floor flat in Kemp Town, conveyancing formalities finalised in 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Kemp Town with over 90 years remaining are worth £235,000. The ground rent is £60 per annum. The lease ceases on 21st October 2078
With only 52 years remaining on your lease we estimate the premium for your lease extension to range between £34,200 and £39,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
Other Topics