Questions and Answers: Lansbury leasehold conveyancing
My husband and I may need to let out our Lansbury 1st floor flat temporarily due to a career opportunity. We used a Lansbury conveyancing firm in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the freeholder 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 expres ban or restriction, subletting is permitted. The majority of leases in Lansbury do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Expecting to exchange soon on a garden flat in Lansbury. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Lansbury should include some of the following:
- You should be sent a copy of the lease
I am tempted by the attractive purchase price for a couple of apartments in Lansbury which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Lansbury is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with less than 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 premises 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 Lansbury 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.
Last month I purchased a leasehold flat in Lansbury. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Lansbury with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Lansbury can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Lansbury leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Lansbury conveyancing firm to assist?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Vesting Order and Purchase of freehold decision for a Lansbury property is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case affected 2 flats. The unexpired term was 80.01 years.