Top Five Questions relating to Barking leasehold conveyancing
I wish to rent out my leasehold apartment in Barking. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Even though your last Barking conveyancing solicitor is no longer available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you must obtain consent via your landlord or other appropriate person before subletting. This means you not allowed to sublet without first obtaining consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
Expecting to exchange soon on a ground floor flat in Barking. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Barking should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Barking. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Barking are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Barking in which case you should be looking for a Barking conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I am employed by a long established estate agent office in Barking where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Barking conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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 proposed purchaser need not have to sit tight for 2 years for a lease extension. 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 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.
Completion in due on our sale of a £500000 garden flat in Barking next week. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Barking?
Barking conveyancing on leasehold flats usually requires the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to sell the property.
I own a ground flat in Barking. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Barking conveyancing firm who can help.
An example of a Lease Extension case for a Barking property is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case was in relation to 2 flats. The the unexpired residue of the current lease was 65.5 years.