Common questions relating to Isle of Dogs leasehold conveyancing
I am on look out for some leasehold conveyancing in Isle of Dogs. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Isle of Dogs - 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 fiance and I may need to rent out our Isle of Dogs basement flat temporarily due to a career opportunity. We used a Isle of Dogs conveyancing practice in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Isle of Dogs do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review 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 permission.
I am employed by a reputable estate agent office in Isle of Dogs where we have experienced a number of flat sales put at risk due to short leases. I have received contradictory information from local Isle of Dogs conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 buyer.
All being well we will complete the sale of our £300000 maisonette in Isle of Dogs in six days. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Isle of Dogs?
Isle of Dogs conveyancing on leasehold apartments nine out of ten times necessitates fees being raised by managing agents :
- Addressing pre-exchange questions
- Where consent is required before sale in Isle of Dogs
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in negotiating a lease extension in Isle of Dogs. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Isle of Dogs conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Isle of Dogs flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The remaining number of years on the lease was 101.61 years.
What makes a Isle of Dogs lease unacceptable for security purposes?
Leasehold conveyancing in Isle of Dogs is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Barnsley Building Society, and Godiva Mortgages Ltd 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.