Top Five Questions relating to Downe leasehold conveyancing
My wife and I may need to let out our Downe garden flat temporarily due to a new job. We instructed a Downe conveyancing practice in 2004 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Downe do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Planning to complete next month on a basement flat in Downe. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Downe should include some of the following:
- You should be sent a copy of the lease
Can you provide any advice for leasehold conveyancing in Downe with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Downe can be avoided where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Downe leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the approvals to hand you should not contact the landlord without checking with your conveyancer in the first instance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 apartment in Downe on Monday in a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Downe?
Downe conveyancing on leasehold apartments more often than not necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the proprietor of a first floor flat in Downe. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
You certainly can. We are happy to put you in touch with a Downe conveyancing firm who can help.
An example of a Lease Extension case for a Downe flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired term was 50.57 years.
In relation to leasehold conveyancing in Downe what are the most common lease defects?
Leasehold conveyancing in Downe is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- 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.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.