Recently asked questions relating to Crofton Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Crofton Park. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Crofton Park - 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 want to sublet my leasehold flat in Crofton Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Crofton Park do not contain strict prohibition on subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I work for a busy estate agency in Crofton Park where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Crofton Park conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser 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.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 top tips for leasehold conveyancing in Crofton Park with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Crofton Park can be bypassed if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- A minority of Crofton Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
If all goes to plan we aim to complete the sale of our £250000 garden flat in Crofton Park in just under a week. The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Crofton Park?
Crofton Park conveyancing on leasehold maisonettes ordinarily results in fees being levied by management companies :
- Completing pre-exchange enquiries
- Where consent is required before sale in Crofton Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Crofton Park. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Crofton Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Crofton Park property is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case affected 1 flat.