Top Five Questions relating to Bromley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bromley. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Bromley - then the leasehold title will always include the short particulars 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 would like to rent out my leasehold flat in Bromley. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bromley do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
There are only Fifty years unexpired on my lease in Bromley. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and prepare a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Bromley.
I am looking at a couple of flats in Bromley both have approximately fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Bromley. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Bromley conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Bromley conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Bromley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- Can they put you in touch with client in Bromley who can give a testimonial?
I inherited a ground floor flat in Bromley. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Bromley conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bromley flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.