Frequently asked questions relating to Falconwood leasehold conveyancing
I wish to let out my leasehold apartment in Falconwood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Falconwood conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you are obliged to obtain permission from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I only have 62 years unexpired on my flat in Falconwood. I am keen to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the landlord. In some cases a specialist should be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Falconwood.
Expecting to exchange soon on a garden flat in Falconwood. Conveyancing solicitors inform 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 Falconwood should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
I have just appointed agents to market my garden flat in Falconwood.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – what should I do?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of apartments in Falconwood which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Falconwood is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than 75 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 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 Falconwood 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 any new 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.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Falconwood conveyancing firm to assist?
Where there is a absentee landlord or where there is disagreement 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 First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Lease Extension case for a Falconwood residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.
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