Questions and Answers: Beddington leasehold conveyancing
My fiance and I may need to rent out our Beddington basement flat for a while due to a new job. We instructed a Beddington conveyancing practice in 2004 but they have closed 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 dictates the relationship between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Beddington do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Back In 2003, I bought a leasehold house in Beddington. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Beddington who previously acted has now retired.Do I pay?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Beddington conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Beddington which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Beddington. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Beddington. Am I liable to pay service charges relating to a period prior to 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. However, 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).
Completion in due on the disposal of our £ 225000 flat in Beddington on Tuesday in a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Beddington?
Beddington conveyancing on leasehold apartments normally requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have little option but to pay whatever is demanded should you wish to sell the property.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Beddington conveyancing firm to help?
Most definitely. We can put you in touch with a Beddington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Beddington flat is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The unexpired lease term was 69.46 years.
I purchased a ground floor flat in Beddington, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Beddington with an extended lease are worth £172,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2099
With just 73 years left to run the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.