Recently asked questions relating to Hoxton leasehold conveyancing
I wish to sublet my leasehold flat in Hoxton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A lease governs relations between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Hoxton do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Hoxton. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hoxton ?
The majority of houses in Hoxton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Hoxton so you should seriously consider shopping around for a Hoxton conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I own a leasehold house in Hoxton. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Hoxton who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Hoxton conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agent office in Hoxton where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Hoxton conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Do you have any advice for leasehold conveyancing in Hoxton from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Hoxton can be reduced if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many landlords or managing agents in Hoxton levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hoxton.
We have reached the end of our tether in seeking a lease extension in Hoxton. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension case for a Hoxton flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired lease term was 72.39 years.