Hampton leasehold conveyancing Example Support Desk Enquiries
I would like to let out my leasehold flat in Hampton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Hampton do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am hoping to exchange soon on a ground floor flat in Hampton. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hampton should include some of the following:
- The physical extent of the premises. This will be the property itself but may incorporate a loft or cellar if applicable.
I am looking at a couple of flats in Hampton both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Hampton. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Hampton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a reputable estate agent office in Hampton where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Hampton conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Hampton. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Hampton conveyancing firm who can help.
An example of a Lease Extension case for a Hampton residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired lease term was 82.93 years.