Top Five Questions relating to Emerson Park leasehold conveyancing
I wish to sublet my leasehold flat in Emerson Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Emerson Park conveyancing lawyer is no longer around you can review your lease to check if you are permitted to let out the property. 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 obtain consent via your landlord or some other party in advance of subletting. This means that you cannot sublet without prior consent. The consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Having checked my lease I have discovered that there are only Sixty One years left on my flat in Emerson Park. I need to get lease extension but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the freeholder. On the whole a specialist would be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Emerson Park.
I am tempted by the attractive purchase price for a two apartments in Emerson Park which have about forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Emerson Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more positive 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 Emerson Park 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.
What are your top tips when it comes to choosing a Emerson Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Emerson Park conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Emerson Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- Can they put you in touch with client in Emerson Park who can give a testimonial?
Completion in due on the disposal of our £450000 garden flat in Emerson Park in just under a week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Emerson Park?
For the majority of leasehold sales in Emerson Park conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Emerson Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a first floor flat in Emerson Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension decision for a Emerson Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired lease term was 57.5 years.