Recently asked questions relating to Lea Bridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Lea Bridge. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Lea Bridge - then the leasehold title will always include the basic details 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.
I would like to let out my leasehold apartment in Lea Bridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Lea Bridge conveyancing lawyer is not available you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to obtain consent from your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.
Due to exchange soon on a leasehold property in Lea Bridge. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Lea Bridge should include some of the following:
- You should be sent a copy of the lease
Back In 2008, I bought a leasehold house in Lea Bridge. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Lea Bridge who acted for me is not around.Any advice?
First contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Lea Bridge conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Lea Bridge which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Lea Bridge is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 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 Lea Bridge 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 any new 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 have had difficulty in trying to reach an agreement for a lease extension in Lea Bridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Lea Bridge conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Lea Bridge residence is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The unexpired term was 71.25 years.