Bloomsbury leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Bloomsbury. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Bloomsbury - 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.
I want to rent out my leasehold flat in Bloomsbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Bloomsbury do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see 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 permission.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Bloomsbury. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bloomsbury ?
The majority of houses in Bloomsbury are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bloomsbury so you should seriously consider shopping around for a Bloomsbury conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I am looking at a couple of flats in Bloomsbury which have in the region of forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Bloomsbury. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
I work for a busy estate agency in Bloomsbury where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Bloomsbury conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Bloomsbury. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Bloomsbury conveyancing firm who can help.
An example of a Lease Extension decision for a Bloomsbury premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The the number of years remaining on the existing lease(s) was 66.8 years.