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Frequently asked questions relating to Balham leasehold conveyancing

I am intending to rent out my leasehold apartment in Balham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Even though your last Balham conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you must obtain permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of first obtaining permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Balham. I need to extend my lease but my freeholder is missing. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to locate the landlord. On the whole a specialist should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Balham.

Planning to exchange soon on a ground floor flat in Balham. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Balham should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your legal entitlements in respect of the communal areas in the building.By way of example, does the lease permit a right of way over a path or hallways?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Balham please ask your lawyer in ahead of your conveyancing in Balham

    • I am attracted to a two maisonettes in Balham both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Balham is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and banks, leases with less than eighty years become less and less marketable. 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 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 Balham 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 any new 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.

    Can you provide any top tips for leasehold conveyancing in Balham from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Balham can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers lawyers.
    • Many landlords or managing agents in Balham levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Balham.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Balham leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place do not contact the landlord without checking with your solicitor before hand.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a Balham conveyancing transaction. Where a new share is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Balham conveyancing firm to help?

    You certainly can. We can put you in touch with a Balham conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Balham premises is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case related to 1 flat. The the number of years remaining on the existing lease(s) was 56.67 years.

    Other Topics

    Lease Extensions in Balham