Sample questions relating to Fulham leasehold conveyancing
I would like to sublet my leasehold flat in Fulham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A lease governs relations 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 expres ban or restriction, subletting is allowed. Most leases in Fulham do not contain strict prohibition on 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 supplying a copy of the sublease.
Due to exchange soon on a studio apartment in Fulham. Conveyancing solicitors assured me 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 Fulham should include some of the following:
- You should receive a copy of the lease
I am looking at a two apartments in Fulham both have approximately 50 years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Fulham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 Fulham 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 Fulham from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Fulham can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Fulham state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such changes. Should you fail to have the consents in place do not communicate with the landlord without contacting your solicitor first.
All being well we will complete the sale of our £300000 maisonette in Fulham on Friday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Fulham?
For most leasehold sales in Fulham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Fulham
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
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 Fulham conveyancing firm to assist?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement case for a Fulham property is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case affected 2 flats. The unexpired term was 93 years and 162 years.