Blackfen leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Blackfen. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Blackfen - 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.
Jane (my partner) and I may need to let out our Blackfen ground floor flat temporarily due to a career opportunity. We instructed a Blackfen conveyancing firm in 2004 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Blackfen do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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 consent.
Looking forward to sign contracts shortly on a basement flat in Blackfen. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Blackfen should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am tempted by the attractive purchase price for a couple of apartments in Blackfen which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Blackfen is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under 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 premises 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 Blackfen 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 any new 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.
Do you have any top tips for leasehold conveyancing in Blackfen from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Blackfen can be avoided where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
- The majority freeholders or Management Companies in Blackfen levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Blackfen.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Blackfen conveyancing firm to assist?
Most definitely. We can put you in touch with a Blackfen conveyancing firm who can help.
An example of a Lease Extension case for a Blackfen residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.