Questions and Answers: Hampton leasehold conveyancing
I am on look out for some leasehold conveyancing in Hampton. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Hampton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I would like to rent out my leasehold apartment in Hampton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Hampton conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of prior permission. The consent must not not be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I am looking at a two flats in Hampton which have approximately 50 years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Hampton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. 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 Hampton 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 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.
Can you provide any advice for leasehold conveyancing in Hampton from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hampton can be avoided where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Hampton state that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such works. Should you fail to have the consents to hand you should not contact the landlord without contacting your conveyancer in advance.
If all goes to plan we aim to complete the disposal of our £125000 maisonette in Hampton in 10 days. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Hampton?
Hampton conveyancing on leasehold maisonettes normally necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Hampton conveyancing firm to assist?
Most definitely. We are happy to put you in touch with a Hampton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Hampton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.
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