Recently asked questions relating to De Beauvoir Town leasehold conveyancing
I would like to rent out my leasehold apartment in De Beauvoir Town. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in De Beauvoir Town do not prevent subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Due to exchange soon on a ground floor flat in De Beauvoir Town. Conveyancing solicitors assured me that they report fully 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 De Beauvoir Town should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in De Beauvoir Town. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in De Beauvoir Town are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in De Beauvoir Town so you should seriously consider shopping around for a De Beauvoir Town conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am looking at a couple of flats in De Beauvoir Town which have approximately 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in De Beauvoir Town. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I have had difficulty in trying to purchase the freehold in De Beauvoir Town. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a De Beauvoir Town flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired lease term was 80.5 years.
What makes a De Beauvoir Town lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in De Beauvoir Town. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.