Common questions relating to De Beauvoir Town leasehold conveyancing
I am in need of some leasehold conveyancing in De Beauvoir Town. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in De Beauvoir Town - 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.
Frank (my husband) and I may need to rent out our De Beauvoir Town 1st floor flat temporarily due to taking a sabbatical. We used a De Beauvoir Town conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in De Beauvoir Town do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I own a leasehold flat in De Beauvoir Town. Conveyancing and Norwich and Peterborough Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in De Beauvoir Town who previously acted has now retired.Any advice?
First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a De Beauvoir Town conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in De Beauvoir Town both have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in De Beauvoir Town is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, 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 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 De Beauvoir Town 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Do you have any advice for leasehold conveyancing in De Beauvoir Town from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in De Beauvoir Town can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- The majority landlords or managing agents in De Beauvoir Town charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in De Beauvoir Town.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in De Beauvoir Town. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a De Beauvoir Town conveyancing firm who can help.
An example of a Lease Extension case 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 affected 1 flat. The the unexpired residue of the current lease was 80.5 years.