Frequently asked questions relating to Bethnal Green leasehold conveyancing
I am intending to let out my leasehold apartment in Bethnal Green. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease governs relations between the freeholder and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Bethnal Green do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Bethnal Green. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bethnal Green ?
The majority of houses in Bethnal Green are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Bethnal Green in which case you should be shopping around for a Bethnal Green conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I own a leasehold flat in Bethnal Green. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Bethnal Green who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Bethnal Green 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 no more than 6 years of rent can be collected.
Last month I purchased a leasehold flat in Bethnal Green. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
Can you provide any top tips for leasehold conveyancing in Bethnal Green from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bethnal Green can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- Many landlords or Management Companies in Bethnal Green charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bethnal Green.
I am the proprietor of a ground flat in Bethnal Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal 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 was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 72.39 years.