Frequently asked questions relating to Crystal Palace leasehold conveyancing
I am in need of some leasehold conveyancing in Crystal Palace. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Crystal Palace - 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 apartment in Crystal Palace. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Crystal Palace conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Looking forward to sign contracts shortly on a basement flat in Crystal Palace. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Crystal Palace should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of apartments in Crystal Palace both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Crystal Palace is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Crystal Palace conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
Can you offer any advice when it comes to choosing a Crystal Palace conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Crystal Palace conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Crystal Palace conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
I own a two-bedroom flat in Crystal Palace. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the amount due.
An example of a Lease Extension case for a Crystal Palace premises is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case was in relation to 1 flat. The unexpired lease term was 69 years.
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