Hampton Hill leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Hampton Hill. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Hampton Hill - then the leasehold title will always include the short particulars 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.
My husband and I may need to sub-let our Hampton Hill 1st floor flat for a while due to a career opportunity. We used a Hampton Hill conveyancing firm in 2004 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Hampton Hill do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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.
My wife and I purchased a leasehold house in Hampton Hill. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Hampton Hill who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Hampton Hill conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two maisonettes in Hampton Hill which have about fifty years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Hampton Hill is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and mortgage companies, leases with less than 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 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 Hampton Hill 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 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.
What advice can you give us when it comes to finding a Hampton Hill conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Hampton Hill conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Hampton Hill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
- What are the charges for lease extension conveyancing?
I am the leaseholder of a two-bedroom flat in Hampton Hill. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Most definitely. We are happy to put you in touch with a Hampton Hill conveyancing firm who can help.
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 the unexpired term as at the valuation date was 60.45 years.
I invested in buying a 1 bedroom flat in Hampton Hill, conveyancing having been completed 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Hampton Hill with over 90 years remaining are worth £209,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2084
With 58 years remaining on your lease the likely cost is going to range between £23,800 and £27,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.