Questions and Answers: Cann Hall leasehold conveyancing
I wish to let out my leasehold flat in Cann Hall. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Cann Hall conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 62 years left on my flat in Cann Hall. I am keen to extend my lease but my freeholder is absent. What are my options?
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 lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and prepare an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Cann Hall.
Due to exchange soon on a ground floor flat in Cann Hall. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Cann Hall 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 looking at a couple of maisonettes in Cann Hall both have in the region of fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Cann Hall is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 property 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 premises 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 Cann Hall 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am a negotiator for a reputable estate agency in Cann Hall where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Cann Hall conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 needs to be completed prior to, or at the same time as completion of the sale.
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.
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Cann Hall. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the premium.
An example of a Freehold Enfranchisement decision for a Cann Hall premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The the number of years remaining on the existing lease(s) was 73.92 years.