Recently asked questions relating to Fulham leasehold conveyancing
I want to let out my leasehold flat in Fulham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Fulham do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Due to sign contracts shortly on a studio apartment in Fulham. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fulham should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my basement flat in Fulham.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 unless 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 attracted to a two maisonettes in Fulham both have approximately forty five years left on the lease term. should I be concerned?
There is no doubt 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 purchasers and mortgage companies, leases with under 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 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 property 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am employed by a reputable estate agent office in Fulham where we have witnessed a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Fulham conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Fulham. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Fulham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Fulham flat 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 related to 2 flats. The the number of years remaining on the existing lease(s) was 93 years and 162 years.