Goodmayes leasehold conveyancing Example Support Desk Enquiries
My partner and I may need to let out our Goodmayes basement flat temporarily due to taking a sabbatical. We instructed a Goodmayes conveyancing firm in 2004 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; 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 specific ban or restriction, subletting is permitted. Most leases in Goodmayes do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Goodmayes. I now wish to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have used your best endeavours to locate the freeholder. In some cases an enquiry agent may be useful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Goodmayes.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Goodmayes. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Goodmayes are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Goodmayes so you should seriously consider looking for a Goodmayes conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of apartments in Goodmayes both have about fifty years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Goodmayes is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 Goodmayes conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 Goodmayes where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Goodmayes conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Goodmayes. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Goodmayes conveyancing firm who can help.
An example of a Lease Extension decision for a Goodmayes property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.