Bethnal Green leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Bethnal Green. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Bethnal Green - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My partner and I may need to rent out our Bethnal Green basement flat temporarily due to a new job. We used a Bethnal Green conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Bethnal Green conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek permission via your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet without first obtaining permission. The consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.
Having checked my lease I have discovered that there are only 72 years remaining on my flat in Bethnal Green. I now want to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to find the landlord. On the whole a specialist should be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Bethnal Green.
I am tempted by the attractive purchase price for a couple of flats in Bethnal Green both have in the region of fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bethnal Green is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with under 75 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 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 Bethnal Green 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I work for a busy estate agency in Bethnal Green where we see a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Bethnal Green conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
My wife and I have hit a brick wall in trying to purchase the freehold in Bethnal Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Bethnal Green conveyancing firm who can help.
An example of a Lease Extension case for a Bethnal Green premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The remaining number of years on the lease was 72.39 years.