Examples of recent questions relating to leasehold conveyancing in Belvedere
I wish to sublet my leasehold flat in Belvedere. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Belvedere 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 permission.
I am tempted by the attractive purchase price for a couple of maisonettes in Belvedere both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Belvedere is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, 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 property 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 a residence 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 Belvedere 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 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.
What advice can you give us when it comes to appointing a Belvedere conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Belvedere conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Belvedere conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Belvedere who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Belvedere with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Belvedere can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
- The majority landlords or managing agents in Belvedere charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Belvedere.
If all goes to plan we aim to complete the sale of our £350000 apartment in Belvedere in 10 days. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Belvedere?
Belvedere conveyancing on leasehold apartments often requires the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
I have had difficulty in negotiating a lease extension in Belvedere. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Belvedere conveyancing firm who can help.
An example of a Lease Extension decision for a Belvedere flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired lease term was 76 years.