Frequently asked questions relating to Bromley leasehold conveyancing
Helen (my wife) and I may need to rent out our Bromley ground floor flat temporarily due to taking a sabbatical. We instructed a Bromley conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Bromley do not prevent subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Expecting to exchange soon on a basement flat in Bromley. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bromley should include some of the following:
- Setting out your legal entitlements in respect of the communal areas in the block.By way of example, does the lease contain a right of way over an accessway or hallways?
I own a leasehold house in Bromley. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Bromley who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Bromley conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a reputable estate agent office in Bromley where we see a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Bromley conveyancing firms. Can you clarify whether the owner of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Bromley with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bromley can be bypassed if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Bromley 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 can be applied for 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 common cause of delay in leasehold conveyancing in Bromley.
I am the proprietor of a a ground floor purpose built flat in Bromley. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Bromley flat is 70 Andace Park Gardens 133-149 Widmore Road in November 2013. Tribunal determined that the premium payable for the lease extension was £10,052 This case related to 1 flat. The the unexpired term as at the valuation date was 72 years.