Addiscombe leasehold conveyancing Example Support Desk Enquiries
My fiance and I may need to sub-let our Addiscombe 1st floor flat temporarily due to taking a sabbatical. We instructed a Addiscombe conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Addiscombe do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review 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.
Looking forward to exchange soon on a garden flat in Addiscombe. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Addiscombe should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
- Do you need to have carpet in the flat or are you allowed wood flooring?
- Repair and maintenance of the flat
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
- Responsibility for repairing the window frames
- What options are open to you if a neighbour breach a clause of their lease?
I am tempted by the attractive purchase price for a couple of maisonettes in Addiscombe both have in the region of fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Addiscombe. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I am a negotiator for a busy estate agency in Addiscombe where we see a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Addiscombe conveyancing firms. Could you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to choosing a Addiscombe conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Addiscombe conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Addiscombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
- Can they put you in touch with client in Addiscombe who can give a testimonial?
I have had difficulty in trying to reach an agreement for a lease extension in Addiscombe. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the amount due.
An example of a Freehold Enfranchisement case for a Addiscombe property is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The unexpired lease term was 98 years.
I invested in buying a leasehold flat in Addiscombe, conveyancing formalities finalised 2001. 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 Addiscombe with over 90 years remaining are worth £169,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2078
With just 52 years remaining on your lease we estimate the price of your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional 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 based on this information without first seeking the advice of a professional.