Sample questions relating to Hampton Hill leasehold conveyancing
I want to rent out my leasehold flat in Hampton Hill. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Hampton Hill do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I only have Sixty One years unexpired on my flat in Hampton Hill. I am keen to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Hampton Hill.
I am tempted by the attractive purchase price for a two apartments in Hampton Hill both have about 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Hampton Hill is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with under eighty 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 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 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 Hill 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 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.
I am employed by a long established estate agency in Hampton Hill where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Hampton Hill conveyancing solicitors. Could 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 purchaser.
We have reached the end of our tether in trying to purchase the freehold in Hampton Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension case for a Hampton Hill flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.
When it comes to leasehold conveyancing in Hampton Hill what are the most common lease defects?
Leasehold conveyancing in Hampton Hill is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.