Recently asked questions relating to Hither Green leasehold conveyancing
Jane (my partner) and I may need to rent out our Hither Green garden flat temporarily due to a career opportunity. We instructed a Hither Green conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Hither Green conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of maisonettes in Hither Green which have about 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Hither Green is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with under 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 premises 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 Hither Green 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 work for a busy estate agency in Hither Green where we have witnessed a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Hither Green conveyancing firms. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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 purchaser.
What advice can you give us when it comes to appointing a Hither Green conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Hither Green conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Hither Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- Can they put you in touch with client in Hither Green who can give a testimonial?
We expect to complete the sale of our £150000 garden flat in Hither Green next Thursday . The freeholder has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Hither Green?
Hither Green conveyancing on leasehold apartments often necessitates the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has little choice but to pay whatever is demanded should you wish to sell the property.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Hither Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Hither Green conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Hither Green premises is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case affected 3 flats. The remaining number of years on the lease was 69.05 years.